Almost three years after the exit: Teddy Sagi returns to Fintech
Three years after an exit of close to $ 900 million, Teddy Sagi returns with a new investment and launch in the field of fintech: Pay.com, which is developing a global payment solution based on the first fully automated automation of its kind.
Will provide the company with a $ 100 million line of credit.
1 out of 4 unicorns - from the field of fintech
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13/03/2022
Sunday, 13 March 2022, 12:10 Updated: 12:22
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Nearly three years after making a significant exit from payment solutions company SafeCharge for $ 889 million, billionaire Teddy Sagi returns to the worlds of fintech and reveals for the first time a new company he owns that is expected to change the way online payments are made in the third decade of the third millennium.
The new company - Pay.com - has been working under the radar of Sagi and the management team he has recruited over the past few years.
The co-CEOs are Tom Vaknin, an entrepreneur who has served in a variety of technology positions, along with Assaf Cohen, who has served as VP of Sales at Payoneer and Checkout.com.
The technological innovation that Pay.com brings with it and what sets it apart from other payment companies, according to its owner, is that its payment solution is based on full automation, ie completely automated without human contact - from the moment the merchant searches Google for a payment solution for his business. And his verification and ending with the underwriting.
Pay.com was established when it is tailored to the future needs of online commerce, and therefore incorporates artificial intelligence (AI), machine learning (ML) and cloud technologies aimed at producing a better user experience for the end customer and improving conversion rates for the merchant.
Pay.com's automation solution is designed to allow the merchant to concentrate on the sale of the goods and its growth, without wasting his time on the payment process and everything that comes with it.
The solution allows the merchant quick, easy and user-friendly access to means of payment such as Paypal, Apple Pay, Google Pay, Skrill, Klarna and Paysafecard with the goal of expanding this basket to tens and even hundreds of APMs in a few days.
Thus, Pay.com intends to be an automated infrastructure for receiving payment services that performs an optimal matching process for the end customer when the goal is to increase the conversion percentage in the business.
For example, a Dutch end customer who enters to purchase a product from an ecommerce store will receive a customized experience that will allow him to purchase through iDEAL (the leading means of payment in the Netherlands) and an end customer who enters from Belgium will receive a preference to purchase with Bancontact.
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Teddy Sagi: 3 years after the exit from the field, returns with a new fintech company, knowing that 1 in 4 unicorns is from the fintech field (Photo: Yachz)
$ 100 million credit line
Teddy Sagi provided Pay.com with a $ 100 million line of credit, which the company documents to invest in acquisitions and mergers.
In other words, alongside the in-house development of its solution, Pay.com is not abandoning the merger and acquisition strategy that is typical of the Teddy Sagi Group, and is consistently looking for acquisitions that fit the company's vision.
According to the company's forecasts, by the end of 2022 the company is expected to settle deals worth $ 4 billion.
Pay.com currently employs 45 people, and continues to recruit.
The company has executive offices in London, USA, and a development center in Cyprus.
Tom Vaknin and Assaf Cohen, co-CEOs of Pay.com
,
said: "We challenge the conservatism of the online payments industry and bring a fresh angle to the field. Of course we are working to Recruit quality people who will be integrated into the company's unique and innovative DNA. "
According to a recent report by the leading global research company CB insights, total global venture capital investments in fintech companies reached a record level in 2021 - $ 132 billion, an increase of 169% (!) Compared to 2020. Out of total venture capital investments, fintech is responsible for 21% of the total, ie out of every 5 dollars invested in 2021, one dollar was invested in fintech companies.
The report also shows that 1 out of every 4 unicorns created is a fintech company - the highest rate of any other sector.
Equally important, according to the report - Fintech last year presented the highest rate of Early Stage recruitment of all the various sectors, indicating that in 2022 onwards the Fintech sector is expected to "explode", the report says, as those companies recruited in the Early Stage stages mature And will grow.
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