Israeli fintech company Finaro is being sold to payment giant Shift4 for $ 575 million


by Ifi Reporter Category:Financial Mar 1, 2022

The Israeli fintech company Credorax - which recently changed its name to Finaro - is being sold to the American payment and clearing giant Shift4 for $ 575 million.
Cardorex is a clearing company that focuses on international transactions. It was founded in 2007 by Bnei Nachman, currently the company's chairman, Eugene Volkov and Michael Feinstein. It is estimated that the company is expected to end the current year with a clearing of $ 15 billion.

Cardorex has raised $ 155.6 million so far, according to startup Nation Central, and its most recent round of funding was in 2016. The company's investors are ATW Partner, Belemberg Capital, Columbus Nova, FTV Capital, and Mobile Internet Capital.
Shift 4 has been active in the American market for about 25 years, and is traded on the New York Stock Exchange at a value of about $ 4.3 billion. She specializes in payments in the catering and hotel industries.
Jared Isaacman, CEO and Founder of the company, stated that “The acquisition highlights our core effort for a global solution for our customers around the world. "Pinaro will provide the payment solutions in the global arena, and will enable the realization of the vision of global expansion that will complement our operations in the American market."
Yigal Rotem, CEO of Pinaro, said that "the purchase transaction indicates that we have achieved our goal and built clearing and payment systems with impressive capabilities."



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