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Vesttoo

16 stories about Vesttoo
יניב ברטלה וסטו

Vesttoo CEO pushed out of company after fake collateral scandal

03.08.23|Almog Azar
The Vesttoo board of directors removed co-founders Yaniv Bertele and Alon Lifshitz and plans to dismantle the company and retrieve the cash in its coffers, which, according to estimates, still amounts to tens of millions of dollars
מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

FBI investigating alleged fraud at Vesttoo

02.08.23|Meir Orbach
Vesttoo announced on Tuesday that it is laying off around 150 employees, accounting for 75% of the company’s workforce
Vesttoo co-founders

Vesttoo laying off 75% of employees amid fraud scandal

01.08.23|Meir Orbach
The Israeli startup is parting ways with around 150 employees. “The only way to give the company a fighting chance of survival and getting back to a path of sustainable growth is to keep on a small core of people that represent bare operational necessity,” wrote CEO Yaniv Bertele
מימין מייסדי וסטו יניב ברטלה אלון ליפשיץ ו בן ציקל

Insurance giant Aon facing legal action over Vesttoo connection

31.07.23|CTech
Aon said that Vesttoo is one of the companies it works with to collateralize insurance and for reinsurance purposes
יניב ברטלה וסטו

Vesttoo vehemently denies Morningstar's figures

29.07.23|Meir Orbach
The rating agency released a report on Thursday estimating that the the total size of outstanding transactions on Vesttoo is between $5-10 billion, which the Israeli company said “cannot possibly be realistic"
Vesttoo co-founders

Vesttoo outstanding transactions estimated at between $5-10 billion - Morningstar

27.07.23|Meir Orbach
The fraud at Vesttoo came to light when one of the letters of credit on the platform was found to be fake, leading to a comprehensive review of all LOCs on the Israeli company's system
מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

Vesttoo: “At a minimum, it appears that procedures were circumvented”

26.07.23|CTech
The Israeli insurtech company, embroiled in a scandal after alleged fraud took place on its platform, broke its silence
Vesttoo co-founders

Vesttoo scandal aftershocks still rocking insurance sector

25.07.23|Meir Orbach
Clear Blue Insurance Group is among those to have been affected by the alleged fraud that took place on the Israeli startup’s platform
מייסדי וסטו

Vesttoo’s top legal and financial executives leave the company amid alleged fraud scandal

19.07.23|Meir Orbach
The Chief Financial Officer, Chief Commercial Officer, Interim Chief Legal Officer, and Deputy Chief Legal Officer have all departed the startup embroiled in a fraudulent collateral crisis
Vesttoo co-founders

Vesttoo investigation reveals $4 billion fraud involving fake letters of credit

19.07.23|Meir Orbach, Tomer Ganon, Almog Azar
Most of the allegedly forged letters were from a leading Chinese bank, which appears to have been unaware of the situation
יניב ברטלה וסטו

Fintech unicorn Vesttoo faces alleged billion-dollar fraud scandal

17.07.23|Meir Orbach
Following an initial inspection conducted over the weekend, it was discovered that the billions of dollars in collateral presented by the company were fraudulent
Vesttoo co-founders

Vesttoo raising Series D at $1.5-2 billion valuation

10.05.23|Almog Azar
R&D partnership Sure-Tech recently sold its shares in the fintech startup at a reduced $785 million valuation, despite the company being in the midst of a funding round that will see it retain its unicorn status
מימין מייסדי וסטו יניב ברטלה אלון ליפשיץ ו בן ציקל

Dehorned: Fintech startup Vesttoo loses unicorn status

08.05.23|Almog Azar
R&D partnership Sure-Tech, which purchased about 4% of the fintech company Vesttoo two years ago, sold the remaining 2% of its holding last week at a company valuation of $785 million. The partnership achieved a return of 1,500%, but Vesttoo, which raised $80 million in funding last October at a value of a billion dollars, said goodbye to its unicorn status
Vesttoo co-founders

Fintech startup Vesttoo raises $80 million at $1 billion valuation

25.10.22|Meir Orbach
The Israeli startup, which has developed a platform that facilitates the investment of new sources of capital in the insurance market, plans to use the new funding to make acquisitions
מייסדי Vesttoo

Insurtech startup Vesttoo raises $15 million Series B at $300 million valuation

22.11.21|CTech
The funding, which comes just three months after a $6 million Series A round, will drive expansion of Vesttoo’s Insurance-Linked Program (ILP) offering, a security-based investment portfolio, as well as its fully digital marketplace for insurance-based risk transfer and investments
Insurtech illustration

Insurtech startup Vesttoo raises $6 million led by Hanaco

08.08.21|CTech
The Israeli company's latest round comes just four months after it raised $2 million from the Sure-Tech R&D partnership
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