Bank Leumi has created a new unit to serve Israeli technology companies that conduct business in the United States.
LeumiTech will offer high-tech companies with help related to credit, financing, investments, and partnerships. It will also offer services related to money transfers to Israel, currency conversions, hedging, liquidity management and cash management. LeumiTech has funded several financing transactions in Israel since launching there last year, the company said in a press release Wednesday.
LeumiTech offerings will be geared to New York and Silicon Valley, as nearly half of the 1,000 Israeli-oriented startups in the U.S. are located in these markets, the release said. Israeli companies in Silicon Valley focus primarily on Internet and software, mobile, cyber and communications technology, Leumi said. New York companies with an Israeli background tend to specialize in media and advertising, mobile, fintech, and e-commerce.
"We believe that by offering a range of financing solutions suited to high-tech Israeli companies operating in the U.S. and providing them with all the services and products they need, we will help them reach their business goals," Yifat Oron, chief executive of LeumiTech, said in the release.
LeumiTech is also planning to introduce its product offerings in London within the next few months.