RAPAPORT… An Israeli start-up is set to receive up to $1.2 million from
investors to launch a mobile payment app that will help diamond traders close
deals on the spot, without needing to wait for funds to clear.
Mazalit will enable users to finalize
payment in under 10 seconds, with about 90% lower fees than most dealers currently
have to pay when wiring money across borders, its founder and CEO Ze’ev Maimon told Rapaport
News Monday.
The Ramat Gan-based company’s lead investment for this funding round has come from diamond
logistics firm Malca Amit, with additional backing from Ari Wolff, formerly of polished manufacturer Leo Schachter. The start-up is
talking to potential investors who may provide further financial input. It plans to bring the app to the market in early 2018.
Maimon founded the company last year together with chief technology
officer Ben Yaniv Chechik, a co-founder of money-transfer group Payoneer.
Start-Up Gets Funds for Payment App
The Bottom Line
- Mazalit will offer a mobile payment app enabling diamond traders to complete payments in under 10 seconds.
- The app promises transaction fees about 90% lower than current cross-border wire transfers.
- Funding includes lead investment from Malca Amit and backing from Ari Wolff, with plans to launch in early 2018.
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