First Digital Bank (FDB), an artificial intelligence based Israeli digital bank aspiring to democratize access to private banking, has signed a roundup of top tier anchor financial investors such as the Swiss wealth management group Julius Baer, the Japanese financial conglomerate SBI and the china-based technology company Tencent, as part of its $120M investment round A at a $320 million valuation.
This round follows a previous $65M seed investment by Prof. Amnon Shashua, a 2020 Dan David Prize winner, a global AI visionary and the founder & CEO of Mobileye, who will also participate in this equity investment round, and will remain the controlling shareholder of the bank.
Also participating in this round are prominent investors such as US private equity firm West Coast Equity Partners, the Hebrew University of Jerusalem Provident Fund and Far East Ventures, the venture capital arm of Far East Organization in Singapore.
FDB is an Israeli based, licensed digital bank aspiring to spearhead the autonomous banking transformation. With proprietary AI tools and technologies, the bank intends to offer households a private banking service experience designed to proactively support their everyday financial challenges - from cashflows to budgeting, credit, savings, investments and more – saving them time, money and financial stress.
The bank, the first to receive a banking license in Israel in over 43 years, is currently in a pilot stage and is expected to soft launch to the Israeli public in early 2022. The bank is planning to expand into other international markets in the future.
Prof. Amnon Shashua:
“This vote of confidence in our vision by global technology and financial leaders, fuels our long-term strategic plans to transform the banking world, first in Israel and then globally. I firmly believe that AI technology, that is currently transforming significant parts of our lives, can be the key to resolving the financial struggles faced by so many families worldwide. We thank our new partners for their trust and look forward to building future strategic collaborations.”
Gal Bar Dea, FDB CEO:
“FDB is now joining forces with highly reputable and financially strong global investors. Our new investors will enhance FDB’s resilience, enabling us to offer consumers a true alternative to the traditional banks in the market. We are excited about the immense impact this could have on Israeli households and are looking forward to working with our new investors to reach additional markets”.