Western Union Acquires Israeli Fintech GMT for $70M
By Varun Mittal
Global remittance leader Western Union acquires Israeli fintech GMT for $70M, boosting its presence in Israel’s payments sector with integrated services and network.
Western Union Buys Israeli Fintech GMT for $70 Million
Global money transfer giant Western Union has acquired Israeli fintech company GMT for an estimated $70 million (200 million shekels). This deal significantly expands Western Union’s presence in Israel’s dynamic payments sector.
The acquisition involves purchasing all shares from GMT’s founders, the Sarok and Tayer families.
GMT’s Operations and Technology
GMT, based in Ramat HaHayal, employs 100 individuals and offers a diverse range of financial services. Its technology and operations are set for integration into Western Union’s extensive global network.
- Services: International and domestic money transfers, payroll management, foreign exchange, prepaid cards, and advanced payment solutions.
- Network: Supported by an online platform and over 350 physical service points across Israel.
Regulatory Standing and Market Impact
GMT holds key regulatory approvals, positioning it to compete with traditional banks in various service areas.
- Regulated by the Israel Securities Authority.
- Possesses a banking identification code (69) from the Bank of Israel.
- Recently secured a payments company license from the Securities Authority.