Palo Alto founder Nir Zuk reportedly to set up digital bank in Israel

Nir Zuk, the US-Israeli founder of cybersecurity firm Palo Alto Networks,  is teaming up with a former top securities regulator Shmuel Hauser to set up a new digital bank in Israel, Calcalist reported on Monday, without saying where it got the information.

Hauser was the chairman of the Israel Securities Authority from 2011 to 2017.

Zuk has already invested tens of millions of dollars into the venture, the report said, and next week will start raising a target of hundreds of millions of shekels for the new bank from institutional investors at a valuation of half a billion dollars.

The entrepreneurs behind the venture have already started advanced processes to get a license from the Bank of Israel, the report said.

The digital bank will focus on offering financial products and loans to customers, without the option of current accounts, Calcalist said.

The initiative follows in the heels of a new fully digital bank set up by Amnon Shashua, the nation’s first new bank in more than 40 years. The lender started trial operations last month after it received a banking license from the Bank of Israel in 2019, in a bid to inject competition into the sector. The digital bank hopes to offer services, including current accounts, to the wider public toward the end of the year. Shashua is also the co-founder of Mobileye, a Jerusalem based maker of self-driving technologies, acquired by Intel Corp. in 2017 for a massive $15.3 billion.

Zuk, a former engineer at Israeli cybersecurity firm Check Point Software Technologies, set up the competing Santa Clara, California-based Palo Alto Networks in 2005. The US firm, whose shares are traded on the New York Stock Exchange, has a market value of $34.4 billion. Zuk, the founder and CTO of Palo Alto Networks, reportedly returned to live in Israel this year, taking advantage of the company’s remote working policy, after spending more than 20 years in the US.

Commenting on the Calcalist report, the Bank of Israel said that as part of the development of competition, the banking supervising department guides a variety of initiatives that are interested in starting future banking activities. “We cannot directly specifically comment on any one of these efforts,” the text message said.

I’m proud to work at The Times of Israel

I’ll tell you the truth: Life here in Israel isn’t always easy. But it’s full of beauty and meaning.

I’m proud to work at The Times of Israel alongside colleagues who pour their hearts into their work day in, day out, to capture the complexity of this extraordinary place.

I believe our reporting sets an important tone of honesty and decency that’s essential to understand what’s really happening in Israel. It takes a lot of time, commitment and hard work from our team to get this right.

Your support, through membership in The Times of Israel Community, enables us to continue our work. Would you join our Community today?

Thank you,

Sarah Tuttle Singer, New Media Editor

Join the Times of Israel Community

Join Our Community

Already a member? Sign in to stop seeing this

You’re serious. We appreciate that!

That’s why we come to work every day – to provide discerning readers like you with must-read coverage of Israel and the Jewish world.

So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.

For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.

Join Our Community

Join Our Community

Already a member? Sign in to stop seeing this

Source link

What do you think?

Written by Aakash Malu


Leave a Reply

Your email address will not be published. Required fields are marked *





SAP Foundry, Publicis To Launch Accelerator With 7 New Startups

Israel carving out key role in alternative protein market, report says