Nir Barkat set to become Knesset's first billionaire

Nir Barkat

Yamina leader Naftali Bennett is also due a windfall from the anticipated sale of an Israeli fintech startup, in which he has equity, for billions of dollars.

MK Nir Barkat (Likud) may have left the business sector when he was first elected Jerusalem Mayor in 2008 but he still enjoys major income from his investments and he can soon expect to become a billionaire after fintech company eToro lists on Wall Street.

Barkat and his brother Eli own the BRM private investment fund, which has an estimated 10% stake in online broker eToro, which announced earlier this week that it is merging with blank check company FinTech Acquisition Corp. V at a company valuation of $10.4 billion. Eli has informed Nir about the details of the deal but no accurate information on the matter has been made public. In the past the Barkat brothers have achieved major exits with cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP), currently traded on Nasdaq with a market cap of $16 billion, and automated car systems developer Mobileye sold to Intel for $15.4 billion.

Another MK on the way to a major exit is Yamina leader MK Naftali Bennett. All that is known is that Bennett invested about 10 years ago in equity of an Israeli startup in the fintech sector which is currently being sold to another company for billions of dollars. Bennett's entourage is declining to provide additional details about the company in order not to harm the deal, which is in the final stages of being agreed. When the deal is completed, according to estimates, Bennett will earn tens of millions of shekels.

Bennett's first exit was in 2005 when he sold anti-fraud company Cyota, which he cofounded, to RCA for $145 million. Subsequently he also served as CEO of cloud computing company Soluto, which was sold in 2013 to Asurion for $100 million.

Published by Globes, Israel business news - en.globes.co.il - on March 18, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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