Israel Discount Bank (TASE: DSCT) today announced a collaboration with e-lending company Ezbob to set up a new fintech company Greenlend to provide digital credit. According to the joint announcement, the new company will offer flexible and immediate solutions in the consumer credit sector as well as credit for small businesses. Discount Bank will own 70% of the new company and Ezbob 30%.
Discount Bank explained that the move is another part of implementing the company's strategy of promoting innovation and establishing ventures that will operate as independent companies and compete with the entire banking system. In recent years, the non-bank credit market has seen significant growth, among other things due to the revolution in open banking.
The process of establishing Greenlend was led on behalf of Discount by EVP head of Strategy, Finance and Subsidiaries Barak Nardi, and head of business development and innovation Shani Federman Terem. For Ezbob the move was led by CEO Tomer Guriel and CTO Yaron Shoshani.
Discount Bank CEO Uri Levin said, "Today we are launching another groundbreaking move, which is major news for the Israeli credit market and competition in the banking system. I have no doubt that the strategic partnership between Ezbob and Discount will result in Greenlend being a significant player in the financial system in Israel, while providing customers with value and an advanced experience."
Guriel said, "We are excited that Ezbob's advanced technology, with its experience in the world's leading financial institutions, will be implemented for the first time in Israel as well. Thanks to the ground-breaking technological solution, Greenlend customers will benefit from fast verification, with high availability when and where needed and in a customized way for all types of clients."
Published by Globes, Israel business news - en.globes.co.il - on March 5, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.