Fintech Startup Futora Raises $6 Million

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Futora

Futora CEO Asaf Seri Photo Ofer Hajayovt

Futora, an Israeli fintech startup, completed a $6 million fundraising round. The round included TAU Ventures, Tel-Aviv University’s investment fund, North First Ventures, J-Ventures from Silicon Valley, and Sergio Fogel.

Fintech is a term that refers to any new tech that assists with money transfers. It could be something designed for the use of banks, or a program that assists businesses in collecting payments. And fintech is in these days, right alongside cybersecurity as a coveted field for new investment.

For example, last month PayEm, an Israeli fintech startup offering a global spend and procurement platform for high-growth and multinational organizations brought in $27 million in funding. Also in September, Ikea invested $22 million in Jifiti, an Israeli retail financing startup working in the fintech sector. Founded in 2011, Jifiti’s point-of-sale financing platform provides banks, lenders and merchants with technology that deploys their competitive consumer loan programs at any merchant’s point of sale online and in-store.

And then there is Papaya Global, which offers a cloud based platform for companies to handle their payrolls. Pagaya is looking at a $9 billion valuation from its IPO.

Founded in 1919 as Modelity Marketplace by the people who established, Modelity Technologies Asaf Seri and Ayal Leibowitz, Futora began as a division of that company. Modelity Technologies is a leader in the field of structured financial products. Modelity Marketplace was spun off as an independent company under the Futura brand in 2020, following the acquisition of Modelity Technologies, by the German company LPA.

Futora says that the company benefits from the same collective” experience, cutting edge technologies, and brand recognition” fostered by Modelity Technologies.

Futora continues to benefit from the “vision and expertise” of its parent company’s founders, Asaf Seri and Ayal Leibowitz. The two men are described as experienced entrepreneurs who have a proven track record in establishing and building successful fintech ventures.

“For us and our investors, Futora is much more than a venture. It’s a passion,” said Asaf Seri, CEO and co-founder of Futora. “After many years in the fintech domain, we wanted to transform an industry that traditionally is reserved for a small elite and render it accessible to all. My dream is that in several years, anyone who wishes to invest in a product adapted precisely to their level of risk and preferences will click on the Futora icon.”

Nimrod Cohen, co-manager at TAU Ventures, added, “Futora is a special company led by an experienced team with unique know-how in a field that has not changed in decades. We are happy and proud to be a part of Futora’s journey from the beginning and believe the company has a good chance of making a true difference in the industry.”

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