Israel based eLoan has a new shareholder. Meitav Dash has acquired a 20% stake in the peer to peer lending company. The young direct lender has loaned 8.3 million shekels (about $2.14 USD) since the platform launched a scant 18 months ago, according to a report in Haaretz. The investment was estimated at “several million shekels”.
The investment house Meitav Dash made its first foray into online consumer loans Sunday, saying it had acquired 20% of eLoan for an undisclosed sum.
Consumer credit in Israel is ripe for disruption and eLoan is following a similar model as exemplified by peers in the US and the UK. Default rates in Israel on consumer credit is very low; 0.3% according to one publication. The eLoan platform makes loans for up to 47,500 shekels – a relatively small amount.