Bank Hapoalim to invest USD 10 mln in Neema

Hapoalim is expected to invest USD 10 million in the company at a USD 40-$50 million valuation. Neema has developed a digital wallet that allows users to conduct money transfers along with other financial services specifically for unserved populations in the Israeli financial market, such as foreign workers.

Bank Hapoalim is well-acquainted with Neema, which has been working with its payment app, Bit, for over a year. That collaboration enables both apps to work together and allows Israeli companies and people to make bank transfers using the Bit app to foreign workers who struggle with opening a local account in Israel but can use Neema's services.

Neema has thousands of customers and conducts transfers of over USD 314 million every year. Its financial services mainly serve as an alternative to bank accounts, and it enables its users to make payments and transfer money in Israel and around the world. Neema’s users deposit their money into a digital wallet and can later conduct additional actions and manage their funds.