Revolution in the Israeli payment market: Fintech company completes a major deal
WorldCom Finance has received a payment services license from the Israel Securities Authority and simultaneously announced the completion of its acquisition of WeCard's operations. According to the company, there are currently only about 30 companies in Israel holding this type of license.
The fintech company WorldCom Finance announced that it has received a license to provide payment services from the Israel Securities Authority, in accordance with the Law for the Regulation of Payment Services and Payment Initiation, 2023. The company notes that this is another step in the framework of expanding its operations in Israel and in international markets.
According to Navot Levkovich, CEO of WorldCom Finance:
"Receiving the license is another significant step in realizing the company's growth strategy. We continue to invest in infrastructure, technology, and the expansion of our financial services portfolio, with the goal of strengthening our position in the payment market and providing our customers with advanced solutions, while maintaining financial stability and sustainable growth."
The company has been operating since 2008 in the field of international financial transfers and provides payment solutions and financial services to private and business customers. According to the company's data, it serves more than 100,000 active users, performs more than 750,000 money transfers per year, and operates in more than 150 countries through a network of about 15,000 service points around the world. The company further stated that there are currently only about 30 companies in Israel that hold this type of license.
Navot Levkovich, CEO of WorldCom Finance. Photo: Alex Lapiner
Parallel to receiving the license, WorldCom Finance announced that it has completed the acquisition of the operations of WeCard, a fintech company founded in 2018 by entrepreneurs Idan Levi and Albert Yazgilov. The company provides, among other things, services to employers through prepaid cards, a digital wallet, and a payment management system.
The company explains that the acquisition of the operations is part of its growth strategy and the expansion of its activities in the field of payment solutions for employers. It was also stated that in recent years, more and more employers in Israel are choosing to manage salary payments for their employees using the company's services.
Levkovich added:
"The acquisition joins the expansion moves of WorldCom Finance, with the goal of expanding the company's financial services portfolio and continuing to establish its operations in the Israeli and international payment market."
According to him, receiving the license, the upgrade and expansion of the capabilities of the payment application, and the expansion of operations through the acquisition of WeCard are part of a broad strategic move intended to turn WorldCom Finance into a leading financial services group in Israel, offering private individuals, businesses, and employers a full digital suite for managing payments and financial services.
