Israel’s five most promising early-stage fintech startups

Funding of fintech startups plummeted during 2022, suffering from the rising interest rates and an impending recession like so many other sectors. The drop was perhaps to be expected after financial services was the leading sector for venture investment in 2021, with at least $131 billion globally according to Crunchbase.

Plenty of Israeli startups also benefited from the boom in 2021, and while the macroeconomic conditions have undoubtedly worsened this past year, they are continuing to build fintech solutions to cater for the ever growing need. Mass adoption of the technology has clearly arrived with, for example, nearly nine in ten Americans now using some form of digital payments,

Calcalist approached a number of prominent investors in the Israeli market to name what they believe are the five most innovative early-stage fintech companies, with business potential and managerial depth. Here they are:

Founders: Elad Schaffer and Daniel Green

Funding: $8 million from F2, Viola Ventures, Global Founders Capital and others

Travel insurance startup Faye raised $8 million this year in a Seed round led by Viola Ventures and F2 Venture Capital, with the participation of Portage Ventures, Global Founders Capital and former NBA player Omri Casspi.

The company’s platform handles travelers’ insurance claims in areas such as health, luggage and even pets with the help of an application that sends proactive alerts in real time, provides access to service personnel and allows to submit claims and receive quick reimbursements digitally. These can then be used for unplanned expenses incurred as a result of an insurance event.

Founders: Isaac Heller and Amir Boldo

Funding: $18.5 million from Aleph, Third Point Ventures, Greycroft and others

Trullion, which developed an AI-based accounting platform for managing and automating financial work processes, raised $15 million in a Series A round at the beginning of the year led by Aleph and Third Point Ventures, with the participation of Greycroft. Trullion is trying to disrupt the accounting industry, a $400 billion market that is still considered a conservative field with little innovation.

Trullion’s solution enables the rapid entry of PDF and Excel documents into the financial systems and the extraction of insights from the data to prevent errors and increase transparency. The software scans company contracts, knows how to extract and translate the relevant accounting data and actually interprets them for the customers.