Partner in talks to buy fintech co Cellarix

Partner

The Israeli electronic wallet developer is in liquidation proceedings.

Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) is negotiating to acquire Cellarix, which has developed an electronic wallet, sources inform "Globes." Cellarix is in liquidation proceedings, but its liquidation was suspended in order to facilitate negotiations for selling the company.

Partner said in response, "As part of the strategy of entering the fintech sector reported by the company last year, Partner is meeting with many companies in the market."

Cellarix was founded by Pango founder Shlomo Zytman. Its technology facilitates transfers and money using its app.

Partner tried last year to enter the fintech sector by acquiring Isracard, then attempted to set up a consumers club to operate a credit card for its members. It is now trying to buy existing activity. In its financial statements, Partner stated that it was operating in this field and trying to expand.

Development in fintech is rapid, and cellular banking is replacing and supplementing the credit card companies. In Asian countries, including China, a cellular device serves as an electronic wallet for all intents and purposes.

Published by Globes, Israel business news - en.globes.co.il - on June 3, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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