VentureIsrael Leads $1 Million 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.
Israeli fintech company TenureX has come out of stealth mode, announcing it is starting its pre-seed financing round with the first $1 Million, 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.
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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.
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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.”