WeSure Expands into Business Credit Market with New Finance Arm
Translated & summarized from Ice by baba
WeSure GlobalTech has launched WeSure Finance, a new subsidiary focused on business financing and non-bank credit, aiming to capture a significant share of the Israeli market. The company has already secured 100 million shekels in credit and guarantees and targets businesses facing unmet financing needs. This move comes as the Israeli business credit market is heavily dominated by banks, leaving substantial room for non-bank lenders. WeSure Finance is led by experienced professionals and integrates digital and AI solutions into its operations.
The story in 6 lines · by baba
- WeSure Finance has launched operations in business financing and non-bank credit, already accumulating 100 million shekels.
- The Israeli business credit market is valued at 404 billion shekels, with banks dominating 92.3% of it.
- Nearly half of surveyed businesses require additional credit, with many facing rejections or partial solutions.
- WeSure Finance offers a range of solutions including guarantees, real estate-backed loans, and working capital credit.
- The expansion aligns with WeSure GlobalTech's strategy to become a comprehensive financial-technology entity.
- The company is led by CEO Sivan Rahamim and Credit VP Yuval Finkel, both with extensive industry experience.
WeSure GlobalTech, a public insurance and finance group, is significantly expanding its operations into business financing and non-bank credit through its subsidiary, WeSure Finance. The new entity, which recently received expanded credit and guarantee issuance licenses from the Capital, Insurance and Savings Authority, has already amassed a portfolio of approximately 100 million shekels in credit and guarantees within its initial months of operation. WeSure Finance targets a diverse range of business clients, including growing medium-sized and manufacturing companies, public corporations, entrepreneurs, and real estate developers, focusing on the industry, commerce, and services sectors.
The company offers tailored financing and guarantee solutions, including tender, performance, quality, advance payment, lease, and supplier guarantees, as well as guarantees for payments and permits. It also provides real estate-backed financing, including loans against existing assets, land acquisition financing, and financing for income-generating properties. Additionally, WeSure Finance offers credit solutions for working capital and specific financing for apartment inventory to help developers free up equity.
This expansion occurs against the backdrop of a highly concentrated Israeli business credit market, estimated at 404 billion shekels. The banking system holds about 92.3% of this market, with non-bank entities controlling only around 6%. Data indicates a significant unmet demand, with 48% of surveyed businesses needing additional credit, and 22% being rejected outright while another 26% received only partial responses.
WeSure Finance is led by CEO Sivan Rahamim, who has extensive experience in credit and guarantees, previously heading non-bank guarantee operations at The Phoenix Gamma and managing the state-backed loan fund for SMEs at the Ministry of Finance. Yuval Finkel serves as Credit VP, bringing 12 years of experience in credit and business analysis, including roles at the state-backed loan fund and establishing the 'Mefrash' credit fund. Nitzan Ya'ir Harir, CEO of WeSure GlobalTech and Chairman of WeSure Finance, stated that the new arm aligns with the group's strategy to become a broad financial-technology entity, combining the stability of Ayalon Insurance with WeSure's innovation and digital solutions, including AI tools.