Meitav Dash jumps as fintech unit Liquidity secures funding

Automated credit company Liquidity is raising up to $ 50 million from Apollo Global Management, MUFG Innovation Partners, Spark Capital, and others.

The share price of investment house Meitav Dash (TASE: MTDS) is up by more than 17% on the Tel Aviv Stock Exchange this morning, after the company’s announcement that fintech company Liquidity Capital, in which it has a 44.6% stake, had secured an investment of $ 40 million from Apollo Global Management, MUFG Innovation Partners of the Mitsubishi Bank group, and Spark Capital, and a further $ 5-10 million from other investors, under a SAFE (simple agreement for future equity). If a certain investment, as stipulated in the SAFE, is made in Liquidity within the timetable in the agreement, the parties will convert their investment to shares at a valuation of $ 800 million. If not, the conversion will be at a valuation of $ 550 million.

In addition, Apollo Global Management is giving Liquidity a renewable credit line of up to $ 425 million for five years.

Besides Meitav Dash, Spark Capital and MUFG Innovation Partners are existing shareholders in Liquidity.

Since it was founded in 2019, Liquidity has awarded credit totaling $ 600 million to dozens of companies. The company is headed by co-founder Ron Daniel.

Liquidity manages several debt funds in Israel, the Cayman Islands and Singapore that provide credit for growth companies.

Published by Globes, Israel business news – – on April 5, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Ron Daniel credit: Geva Talmor

Leave a Comment