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Nir Zuk Invests Heavily in New Digital Bank, Boosting Stake
Digital bank Ash Bank is raising 150 million shekels in a new funding round, with major investor Nir Zuk expected to significantly increase his stake. The bank, which received its license in late 2022, is valued at 500 million shekels and aims to launch soon.
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What happened
- 01Ash Bank is raising 150 million shekels, with investor Nir Zuk expected to increase his stake.
- 02The digital bank is valued at 500 million shekels in the new funding round.
- 03The Bank of Israel set the fundraising amount as a condition for operational approval.
- 04Ash Bank received its banking license in late 2022 and awaits final launch approval.
- 05The bank plans to offer checking accounts, credit, and share 50% of interest income with customers.
The fundraising is a condition set by the Bank of Israel to ensure sufficient capital for its operations and credit offerings.
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