VentureIsrael Leads $1M Investment Round in Israeli Startup TenureX
TenureX makes bank partnerships and correspondent banking more accessible by driving a shift from subjective, rigid, relationship-based banking to objective, flexible, transaction-based banking.
03 Feb, 2021, 14:00 IST
TEL AVIV, Israel, Feb. 03, 2021 /PRNewswire/ -- Israeli fintech company TenureX has come out of stealth mode, announcing it is starting its pre-seed financing round with the first $1M, backed by VentureIsrael, who will be partnering with the company's previous investors, Plug and Play, and Hack VC. The funds will boost the company's R&D and launch its platform with its first clients in Q2 2021.
TenureX also announced the nomination of Mr. Michael Harte as an observer to its board of directors. TenureX has recently executed a few successful LOIs with its first design partners and is looking forward to continuing its rapid growth with its new partners' help.
The company's vision is to innovate in one of the worlds' biggest markets: correspondent banking. Changing the model of how banks and financial institutions engage with each other concerning wire transfers and customers' segregated accounts. TenureX is unbundling the existing relationships into their core unit: The Transfer. Then, reassembling these relationships back to look & function like a card/payment processing program.
TenureX CEO Izhar Arieli: "With the backing of these great partners, we can prove our go-to-market strategy, focused on small financial institutions and B2B fintech companies. The customer need is greater than ever due to the high pressure both from the market and the regulator, enabling us to shorten the sale cycles and create a widely accepted product by the financial industry."
Michel Harte, Managing General Partner in VentureIsrael and Board Observer in TenureX: "We looked at several opportunities in this domain, no other company presented a competing vision and clarity on the one hand, and the maturity and go-to-market execution, like TenureX. They have a strong management team, with the requisite expertise to deliver solution s and service in this market."
About TenureX
Established in 2020 by four fintech veterans to answer one of the biggest challenges in the financial industry. TenureX optimizes engagement between banks, financial institutions, and their partners by offering superior reward vs. risk management based on a digital X-Ray view of each transaction. The company's mission is to enable creating and running smart, controlled, and transparent correspondent banking relationships on a secured cloud. From global megabanks and regional banks to small FinTech and financial institutions, the need for better services and the ability to engage with each other.
About VentureIsrael
VentureIsrael is an Israeli early-stage deep tech fund. The firm is market and domain agnostic with an investment focus based on three elements: technology, time to market, and people. VentureIsrael focuses on startups from the Seed stage to Series A, with technology solutions capable of scale rapidly to meet 'on and high' demand. It is dedicated to the 'unique' technological excellence of the startup and is not afraid of an unconventional approach that others might otherwise overlook.
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SOURCE VentureIsrael
