Western Union is acquiring GMT, a Ramat HaHayal-based Israeli fintech company that focuses on money transfers and payment services, for about 200 million shekels (US$70 million).

The deal would give Western Union GMT’s technology, regulatory approvals, and money-transfer network in Israel.

The sale covers all shares held by the Sarok and Tayer families, who founded GMT.

GMT has 100 employees, an online platform, and more than 350 service points across Israel.

The company offers cross-border and domestic money transfers, payroll management, foreign exchange services, prepaid cards, and a consumer app.

Western Union already serves Israel through bank-account, mobile-wallet, debit-card, and cash-pickup transfers, so the acquisition would expand its presence in the market rather than mark a new entry.

The company said the Bank of Israel assigned it identification code 69 as it connects to local payment systems.

GMT recently received a payments company license from the Israel Securities Authority.

🔗 Source: Calcalist

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