Israeli fintech co Reach raises $3.5m

Yair Ravid and Dan Mano Photo: PR

The company has developed a platform for remote management of transactions.

Israeli fintech company REACH, formerly Seegnature, has completed a $3.5 million A financing round led by US venture capital fund NFX, a fund managed by founding partner Gigi Levy-Weiss. REACH has now raised a total of $5 million.

REACH, founded in 2015 by CEO Yair Ravid and chief product officer Dan Mano, has developed a platform for remote management of transactions and face-to-face meetings. The company provides a platform that combines live conferencing, identity verification, real time forms collaboration and digital signature during an omni-channel cloud based in browser session. The platform allows a real-time session between a company agent and a customer as well as a customer self-service mode session, covering all companies' transactional needs.

Ravid said, “Today, companies are still forced to meet face to face with their clients due to technological barriers and regulatory requirements. REACH eliminates the need for a physical encounter by allowing companies to easily collaborate with their clients from a distance in real time in an effective and compliant way. By doing so, the platform allows a next generation digital customer experience.”

Mano added: “it doesn’t make sense that in an era where tools such as Slack and Trello exist and where securing a weekend can be easily done with AIRBNB, a customer will be forced to come physically to the branch when opening a bank account or meet face to face with an agent when getting an insurance or even signing an affidavit."

The REACH platform makes it possible to conduct business meetings remotely, including functions such as verifying the customer's identity, making payments, joint writing of documents, and digital signatures in real time through a documented video call. The solution meets the requirements of the Prohibition on Money Laundering Law.

REACH's customers include Mercedes-Benz, RBS, Groupon, and PWC. The money raised in the financing round was earmarked to help the company expand its business and growth in the US and Europe, while also continuing development of its line of products. The company's offices are in Tel Aviv, and following the financing round, the company plans to open another office in Silicon Valley to handle its US sales activity. REACH currently has 11 employees, but this number is projected to triple by the end of the year. Levy will join REACH's board of directors.

Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Yair Ravid and Dan Mano Photo: PR
Yair Ravid and Dan Mano Photo: PR
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