The Israeli fintech sector keeps delivering strong outcomes even amid tough conditions. Western Union, the worldwide financial services leader, is acquiring full ownership of Israeli fintech company GMT (G.M.T Tech Innovation Ltd.) in a transaction valued at about NIS 200 million.

GMT, founded in 2001 and active for 25 years, is owned by the Sarouk and Tayer families.

The firm employs roughly 100 staff at its Ramat Hachayal offices in Tel Aviv and runs an extensive network of branches nationwide plus digital platforms. It specializes in cross-border money transfers and advanced payment solutions serving Israelis, migrant workers, and employers. GMT operates under a license from the Israel Securities Authority and holds banking identification code 69 granted by the Bank of Israel.

Upon completion of the NIS 200 million transaction, GMT will join Western Union yet retain its recognized Israeli brand. CEO Eran Sarouk will continue leading operations after the merger. Western Union intends to roll out GMT's proprietary Israeli-developed technology across its global operations.

"A tremendous badge of honor for the entire Israeli fintech industry"

The deal is set to broaden and improve financial services available to consumers and businesses in Israel by combining Western Union's reach, which serves over 100 million customers in more than 200 countries and territories, with GMT's local technological strengths.

"A global company of Western Union's stature selecting GMT among many international and local competitors is a tremendous badge of honor for the entire Israeli fintech industry," said Eran Sarouk, CEO of GMT. "The transaction will let us enhance service availability and deliver more accessible, advanced solutions to customers in Israel. It also presents an exceptional chance to integrate the advanced technologies developed here in Israel into Western Union's worldwide network. Completed during a challenging period, this acquisition underscores the resilience of the Israeli financial market and global trust in reforms promoting competition."

Massimiliano Alvisini, Senior Vice President and Managing Director of Europe and the CIS at Western Union, welcomed the acquisition: "We are pleased to officially welcome GMT's employees and customers into the global Western Union family. By combining GMT's local innovation and established customer relationships in Israel with Western Union's global network and digital platform, we are expanding how, where, and when we serve our customers."

The transaction was advised by attorneys Tal Eliasaf, Assif Rosenberg, and Golan Kaneti from Naschitz Brandes Amir & Co. representing GMT. Western Union was represented by attorneys Cliff Felig, Keren Sadeh (Mizrachi), Niva Berg Livnat, and Vadim Zimmerman from Meitar. Banking and investment advisors were Itzik Levy, Yinon Srebernik, and Eli Barda from EY.