The Israel Securities Authority has granted payment licenses to four international fintech companies: Revolut, Rapyd, Mesh Payments, and Airwallex. This decision allows these firms to expand their operations in Israel.

The licenses enable the companies to offer services including fund transfers, currency exchange, digital wallets, and interest on customer deposits. This initiative aims to enhance competition with local banks.

Under the Payment Services Law, the companies must adhere to regulations such as anti-money laundering measures, risk management protocols, and consumer protections.

Revolut, a UK-based fintech firm with over 52 million users worldwide, has not yet launched full banking services in Israel. The company has appointed Uri Nathan, former CEO of Pepper, to lead its local operations.

The new regulatory framework may also pave the way for non-fintech companies, such as marketplaces like Airbnb, to offer financial services to Israeli customers in the future.

Recent Revolut developments