Fosun invests in Israeli fintech firm BondIT
China’s Fosun Group has invested $14.25m in BondIT, a fintech firm based in Israel.
BondIT was established by CEO Etai Ravid in 2012. The firm offers automation tools with machine learning algorithms to help investment managers optimise fixed income portfolios.
The move marks Fosun’s first fintech investment in Israel. The investment makes the Chinese group a major shareholder of BondIT and offers it representation on the fintech firm’s board.
“We are excited to be included in the Fosun network of innovative companies and for the opportunity to increasingly use our unique technology to benefit investors. And with Fosun members sitting on the board as part of the deal, we believe they will bring their investment experience and China market expertise to the company,” Ravid stated.
Fosun chairman Guo Guangchang said: “We believe BondIT compliments the Group’s own financial ecosystem and as well as playing an important role in the upgrading of wealth management institutions with its disruptive technology. This investment also marks a continuation of our investment into the Israeli market, a market the Group remains optimistic on.”