The Bank of Israel announces the issuance of an identification code to a second global fintech company that has chosen to operate in Israel as “a participant in a controlled payment system” – Revolut Ltd.
Participants in the Israeli payment systems are “identified using a unique identification code (formerly known as a ‘bank code’) that is comprised of two characters.”
The identification code enables fintech companies to “allocate payment account numbers (parallel to a bank current account) to their customers, and obligates other payment system participants to identify them in a unique way.”
The Bank of Israel officially confirmed “the issuance of an identification code to a second global fintech company that has chosen to operate in Israel as a participant in a controlled payment system – Revolut Ltd.”
The company is operating along the “international outline” published by the Bank of Israel, which enables access to the payment systems based on “a foreign license from a recognized country, as well as on meeting additional conditions.”
Oded Salomy, Director of the Bank of Israel’s Payment and Settlement Systems Department, said:
“The steps that the Bank of Israel has led have created opportunities for global fintech firms and firms from various fields to operate in the payments field in Israel, with regulatory guidance throughout the access process. These steps will advance competition in the financial system, and will contribute to improvement of service and lowering of costs. The Bank of Israel will continue developing the Israeli payments market, and working toward opening access to the controlled payment systems for nonbank participants.”
The identification code issued to Revolut Ltd. is: 78.
As covered, Revolut has noted that its secondary share sale provides liquidity “for employees, allowing them to realize their contribution” to the Fintech firm’s growth.
As reported recently, the secondary share sale values Revolut at “a $45 billion valuation, cementing its position as the most valuable private technology company in Europe.”
Revolut, the global financial technology company with “over 45 million customers worldwide, has signed agreements with a group of technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation.”
This secondary share sale allows “current employees to capitalize on their contribution to Revolut’s growth, while attracting a diverse mix of both new and existing investors.”
The round was led by Coatue, D1 Capital Partners, and existing investor Tiger Global.
This valuation reflects the strong financial performance “recorded by the company in recent quarters as well as the progress made in executing its strategic objectives.”