One Zero Bank CEO Aims for Profitability Amid Customer Growth and Revenue Surge
Eyal Gafni, CEO of One Zero Bank, is steering the digital bank towards profitability, reporting approximately 200,000 customers by mid-2026 and a 33% increase in revenue to 66 million shekels in the first half of the year. Despite a 27% reduction in losses to 84 million shekels, the bank still incurred a 214 million shekel loss in 2025 and a cumulative loss of about 1.1 billion shekels since 2022. Gafni's primary objective, presented to the board, is to achieve the bank's first profitable month by the end of 2026.
Gafni, who holds degrees in law and accounting and previously worked at PwC, joined One Zero as CFO and became sole CEO in January 2025. The bank, still controlled by its founder, has raised hundreds of millions of shekels since its inception. Gafni's strategy focuses on attracting customers to open a second account, emphasizing the benefit of a digital account alongside traditional ones for cost savings. Key offerings include zero foreign currency fees on cards for specific plans (ONE and ONE+) and a 3% foreign currency fee on the free ZERO plan, an increase from 2% prior to a July tariff update.
One Zero clarifies that the tariff update primarily affects operational fees related to credit defaults, and customers who transfer activity and maintain a fee-exempt card plan are unaffected. The bank asserts its foreign currency transfer fees remain among the lowest in the market. Gafni highlights premium offerings such as a 6% deposit rate for up to 100,000 shekels for salary transfer customers and fee-exempt foreign currency transactions on cards for those on paid plans or transferring activity.
Securities trading activities contributed about 30% of the bank's quarterly revenue, with customer portfolios growing by 151%. The bank offers trading at 0.1% with a minimum fee and no custody charges. In 2025, One Zero had 180,000 customers, a 39% increase, with revenues of approximately 110 million shekels and 393 employees. A Bank of Israel survey indicated 78% of its customers would recommend the bank, compared to 56% across the banking system.
Gafni is implementing cost-saving measures, including consolidating technology divisions and streamlining the team. The bank is not offering mortgages, positioning itself as a supplementary account. The ultimate test for Gafni and the bank is achieving a profitable month, where revenues consistently cover expenses, a goal dependent on the success of its pricing strategy, particularly the foreign currency fees.
