Israeli Nayax opens trading on TASE following IPO
The Israeli fintech Nayax has increased its valuation to $930bn following the start of share trading on TASE (Tel Aviv Stock Exchange).
The payment solutions provider that specialises in cashless, digital transactions, started trading yesterday after raising $130m in an initial public offering of shares on the stock exchange.
According to recent reports, Nayax sold 63.5m ordinary shares at $3.21 a share, boosting the fintech’s valuation to $930bn.
The news follows on from Nayax’s US stock market launch at the end of April. The global public offering of ordinary shares to institutional investors proposed the sale of up to 44m ordinary shares. Three existing shareholders also pledged to sell 19.5m of Nayax’s ordinary shares in the offering.
The additional funds raised from the TASE IPO will be used to expand Nayax’s operations in new markets and for merger and acquisition activities, the company has said.
The fintech has also granted its underwriters a 30-day option to buy an additional 9.53m ordinary shares at the initial public offering price, which will enable it to raise added funds.
Israeli fintech expansion
Nayax was founded in 2005 by David Ben-Avi and Yair Nechmad and has 11 offices located in nine countries. The expanding fintech currently employs more than 400 workers, 270 of them in Herzliya, Israel.
As cashless transactions have fallen and digital payment soared, particularly following the COVID-19 pandemic, payment solutions providers have experienced accelerated growth globally with the demand in cashless payment systems rising to unprecedented levels. Channels include credit card readers, mobile wallet apps and management systems for retail outlets and ecommerce businesses.
Nayax currently serves more than 370,000 sales points globally through 35 distributors and its payment solutions are available in 40 currencies. The firm also partners with international financial bodies such as American Express, Mastercard, VISA and PayPal and is a licensed payment institution in Europe.
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG