One Zero Digital Bank has been approved for a full banking license. In 2019, the digital bank received a provisional license.
According to a report in The Paypers, One Zero is now on par with other banks in Israel as it operations under the approval of the Bank of Israel’s Banking Supervision Department.
One Zero Digital Bank is said to be the first bank to receive a new banking license in over 43 years. It is currently in beta mode with a soft launch planned for some point in 2022.
The bank was recently funded with a $120 million Series A round at a $320 million valuation. Investors like Julius Bar, SBI and Tencent participated in the funding. An earlier round raised $65 million.
The bank aims to leverage artificial intelligence 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.
Like many countries, retail banking in Israel is dominated by a handful of big banks. One Zero aims to change all of this with a digital banking alternative.