FinTech Earnix joins the unicorn club with $75m investment

By Leandra Monteiro

According to media reports, Israeli financial technology firm has raised $75 million in a late-stage funding round at a company valuation of $1 billion. These funds make the Givatayim-based startup a new Israeli “unicorn”, term which is given to a company valued at $1 billion and over.

The investment round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round. The raised funds will be put towards Earnix’s global expansion into new market segments and regions, increase investment in product innovation, increase the number of employees, and support merger and acquisition activities. The company aims to better meet the needs of a rapidly changing consumer market. Following the investment Jonathan Rosenbaum, Principal at Insight Partners will join the Board and Erel N. Margalit was appointed as the new Chairman.

“The investment will accelerate the reach and impact of the company’s business, assuring our ability to meet a broad range of industry needs, and to deliver the best personalized rates and products to every customer, every time,” said Udi Ziv, CEO at Earnix, according to media reports.

“Customers across insurance and banking have a strong mandate to adopt new technologies and related processes so as to remain competitive. The software as a service product offered by Earnix is uniquely positioned to capture this demand to the benefit of their customers and the end consumers,” said Jonathan Rosenbaum, Principal at Insight Partners, according to media reports.

The new entrant to the high-tech Unicorn league, Earnix, a developer of AI software enables insurers and banks to provide faster, smarter, and safer prices, and personalized products. With Earnix, insurers and banks offer personalized value to every customer, every time, and in full alignment with the corporate business strategy, goals, and objectives. the company has offices in the Americas, Europe, Asia and Israel.