Western Union acquires Israeli fintech GMT in $70 million deal
Deal expands global remittance giant’s footprint in Israel’s payments sector.
Israeli fintech company GMT is being sold to Western Union, one of the world’s largest companies in the field of international money transfers. Calcalist has learned that the deal is valued at approximately 200 million shekels ($70M).
The shares are being purchased from the Sarok and Tayer families, who founded GMT. The deal includes all of the company’s shares. GMT employs 100 people and operates from Ramat HaHayal.
GMT specializes in international and domestic money transfers, payroll management, foreign exchange services, prepaid cards, and advanced payment solutions. The company’s technology will be integrated into Western Union’s global network.
The company’s operations are based on an online platform alongside a physical network of more than 350 service points throughout Israel. From a regulatory perspective, GMT operates under a license from the Israel Securities Authority and holds a banking identification code (69) granted by the Bank of Israel several months ago. Earlier this month, the company also received a payments company license from the Securities Authority, allowing it to compete in some of the services currently provided by banks.
