Western Union, a global money transfer company, has agreed to acquire GMT, a fintech company based in Ramat HaHayal, Israel, for approximately $70 million (NIS 200 million). Under the deal, GMT’s technology, regulatory licenses and money transfer network in Israel will be transferred to Western Union.
The sale includes all shares held by GMT’s founding families, the Sarok and Tayer families. The company has 100 employees, an online platform and more than 350 service points across Israel. GMT offers international and domestic money transfers, payroll management, currency exchange, prepaid cards and mobile application services.
While Western Union already operates in the Israeli market, this acquisition will serve to further strengthen the company’s position in the country. GMT also recently received a payment company license from the Israel Securities Authority.
