Tel Aviv Fintech Nayax Seeks To Establish Full-Fledged Bank In Connecticut
Nayax, a Tel Aviv-based fintech company traded on both the Tel Aviv Stock Exchange and Nasdaq, announced on Thursday its application to the Connecticut Department of Banking to establish a fully owned bank named Nayax America Bank. If approved, this state-licensed bank will not accept deposits, offer retail products, or operate branches. Instead, it will enable Nayax to transition from a payment processor to a direct credit provider, offering business clients in the U.S. corporate cards, expense management systems, and working capital financing solutions such as advances based on transaction volume and equipment financing.
The bank will be owned by Nayax's American subsidiary, a holding company created specifically for this purpose. The U.S. market accounts for approximately 40% of Nayax's global revenue. Until now, Nayax has relied on payment licenses and card issuance partnerships in the EU, UK, and Israel. Owning its own regulatory infrastructure in North America will reduce dependence on external entities and deepen its financial services integration with customers.
Alongside the bank application, Nayax launched a business account and balance management service for small and medium enterprises on its platform. This service operates under the license of Aiden, which will continue to hold customer funds since the new bank will not accept deposits. The new bank’s management team includes Nayax North America CEO Carly Forman as CEO, CFO Shagit Manor, and CTO Haim Pinto. The initial board features Forman, Nayax Strategy VP Aaron Greenberg, and independent director Patrick Moroni, with plans to expand to five members, including three independents.
Founded in 2005 to develop payment solutions for vending machines, Nayax employs about 1,250 people across 13 sales offices. It went public on the Tel Aviv Stock Exchange in 2021 and Nasdaq in 2023. Its current market capitalization on the TASE is approximately 7 billion shekels, with its stock rising 34% over the past year. This move comes amid regulatory changes in Israel allowing major banks to alter accounting standards to list on Wall Street, but Nayax aims to surpass them by becoming an American bank itself.
