Israel’s Fundbox Looks to $1.5 Billion Valuation in IPO


Israel’s Fundbox Looks to $1.5 Billion Valuation in IPO

The IPO will be made through an SPAC.

Fundbox, and Israeli Fintech startup, is set for an IPO which the company hopes will give it a $1.5 billion valuation. According to Calcalist, the company expects to raise $300 million in a Wall Street SPAC. Fundbox has thus far raised a total of $453.5.

According to Investopedia, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company. Also known as “blank check companies,” SPACs have been around for decades. In recent years, they’ve become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019.

Founded in 2013, Fundbox is a financial services platform powering the small business economy with innovative credit and payment solutions. The company boasts that it offers fast and intuitive access to business credit and that its goal is to unlock the potential of small businesses by giving them financial agility and peace of mind.

Fundbox is an AI-powered financial platform for small businesses that offers “fast and intuitive” access to business credit. In its seven years of operation it has connected with over 300,000 small businesses in the U.S.

The fintech firm hopes to join a growing number of Israeli companies set for billion dollar plus IPOs in 2021. REE Automotive is a developer of electric platforms for automobiles. The Israeli company is looking to hold an IPO in 2021 and expects to gain a valuation somewhere between $3-4 billion.

Israel’s Payoneer Inc., a payment and commerce-enabling platform is set to go public on Wall Street. It has already closed a deal to merge with blank check company FTAC Olympus Acquisition Corp. Together they will form a new company for the IPO to be called be called Payoneer Global Inc. The new company expects to have a $3.3 billion valuation, continuing the recent trend of big exits for Israeli startups.

Israeli startup eToro, which offers its clients a platform for managing their investments, is planning an IPO that the company expects will give it a $5 billion valuation.

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