Aiming for international markets? The first digital bank owned by Amnon Shashua announced at noon (Thursday) that it has chosen a new name for itself, and it will be called ONE ZERO starting today. The name change was made just two weeks before the bank opened its doors to the general public.
“We called it ONE ZERO because we came to win and bring a real, complete and new alternative to bank customers. We came to beat the lost time and availability, the complexity and the headache in managing money, the bureaucracy and everything that has hurt us all to date. ONE ZERO is of course the victory of technology. “Before he started walking, he already spoke three languages - Hebrew, English and binary,” explained CEO Gal De’a.
The first digital bank is the first independent bank to receive a license from the Bank of Israel after more than 43 years in which no new bank was established. The bank has developed artificial intelligence-based technology to provide households with private banking services that until now were only available to those who could afford it.
Last March, the Bank began a run-in period with the aim of gradually launching its activities to the general public. Initially, the digital bank planned to open the activity to the public at the end of 2021, but eventually postponed it until the beginning of 2022, with the aim of completing the preparations, which also included recruiting investors from abroad. A thousand subscribers.
The bank’s new logo / Photo: ONE ZERO Digital Bank
The first digital bank, owned by Prof. Amnon Shashua, the founder and CEO of Mobilai, announced two weeks ago that it will raise $ 120 million from international and local investors led by Swiss bank Julius Baer, Chinese technology giant Tencent and the Japanese finance group SBI. $ 320 million.
Shashua, which transferred the initial capital for the establishment of the bank in the amount of $ 65 million, will also participate in the investment round and will continue to hold the controlling interest in the bank. The amount raised will be used for the purpose of continuing to implement the Bank’s business plan and to complete the regulatory capital required by the Bank of Israel.
The three investors leading the round are joined by other investors, including the American investment fund West Cost Equity Partners, the provident fund for employees of the Hebrew University and the Singapore fund Far east Ventures. The bank said it is in advanced talks with other prominent investors, who will join the investment agreement. The deal is expected to close in January.