Israeli fintech co Earnix raises $13.5m

Reuven Ben Menachem Photo: PR

The Ramat Gan-based company develops solutions for pricing banking and insurance products.

Israeli fintech startup Earnix has raised $13.5 million from previous investors Jerusalem Venture Partners (JVP) and Vintage Investment Partners and from Israel Growth Partners (IGP), a new investor, bringing the total the company has raised to date to $25 million. Earnix has developed advanced predictive analytics solutions for making decisions about and pricing banking and insurance products.

The Ramat Gan based company's integrative solutions are designed to help financial institutions all over the world achieve business, growth, and profit targets. The solutions facilitate optimal decision-making about the product, pricing, and marketing, with tailoring to dynamic marketing conditions. "Risk and demand modeling are combined in a single platform and can be applied according to prevailing regulatory and business requirements. The Earnix enterprise architecture provides real-time connectivity to operational systems, bringing the power of analytic-driven decisions to every point of customer interaction," Earnix says.

Simultaneously with the announcement of its financing round, the company also announced the appointment of Reuven Ben Menachem as chairman. Ben Menachem founded Fundtech, a leading provider of financial software, and served as CEO of that company from its founding until its acquisition for $1.25 billion by D+H in 2015.

IGP founder and general partner and former Ministry of Finance director general Haim Shani was appointed as a director of Earnix.

Ben Menachem said, "The recent investment will enable us to maximize the success of our business model, and reinforce our reputation as a provider of advanced analytical software for financial enterprises." He added, "Earnix has great potential as a provider of advanced predictive analysis software in a dynamically growing market. We were very impressed by the quality of the company's employees, its advanced technology, and the products it is developing."

Published by Globes [online], Israel Business News - www.globes-online.com - on January 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Reuven Ben Menachem Photo: PR
Reuven Ben Menachem Photo: PR
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