Company Overview
Neema - Better Than a Bank is an innovative digital banking platform based in Tel Aviv, Israel, focused on providing inclusive financial services and real-time cross-border payments. Since its founding in 2017 and recognition by Y Combinator, Neema has been commended as one of the most promising startups in the mobile financial services sector. It is backed by leading Israeli banks and financial companies, enhancing its credibility and reach in the financial domain.
Services and Offerings
Neema stands out with its real-time payment network spanning over 150 countries and more than 50 currencies. This extensive network offers a competitive advantage in cross-border transactions. The company excels through its advanced mobile applications and API integration capabilities, enabling users to access multiple country-currency-payment method combinations, view real-time rates, and gain insights into transaction costs. These services primarily cater to unbanked workers who need comprehensive financial solutions such as sending money home, online shopping, bill payments, and purchasing cellular services.
Target Market
The primary target market for Neema comprises global overseas workers, especially those without access to traditional banking services. By offering digital banking solutions such as multi-currency digital accounts and an international Visa card, Neema identifies and addresses a significant need within this underserved segment.
Leadership
Leadership Team
- Moshe Kimhi: CEO and Founder
A seasoned financial executive, Moshe Kimhi is a C.P.A with an M.B.A from Jerusalem and Tel Aviv universities. He leads Neema, steering its growth and engaging actively in the fintech community through high-profile financial discussions and industry conferences.
- Yuval Giveon: CTO and Co-Founder
Holding a B.Sc in Computer Science and Economics from Tel Aviv University, Giveon plays a critical role in expanding Neema's technological landscape, which underpins its global payment solutions.
- Doron Schneidmann: Chairman
With an influential position in Direct Insurance Financial Investments, Schneidmann provides strategic insights that bolster Neema’s position in the financial market.
Part of the key personnel includes various leaders driving growth and development such as Oz Segen (VP Growth), Natalie Dragot (Director Business Development), and others whose roles span marketing, compliance, sales, and software development.
Financial and Market Position
Neema boasts substantial financial backing, having raised $11.5 million from investors such as Kima Ventures and Lattice Ventures. Bank Hapoalim's evaluation for further investment places Neema's valuation at an estimated $40 to $50 million. With an estimated annual revenue of $19.3 million and a workforce increased by 18%, Neema showcases a strategic expansion and market penetration, complemented by robust revenue per employee metrics of $210,000.
Recent Developments and Achievements
- Recognized as the most promising startup at the Mobile Summit 2017.
- Notably integrated within the Israeli banking system as a pioneering fintech entity.
- Establishing strategic partnerships and expanding into complex markets to enhance global reach.
Competitors
Neema faces competition from several fintech firms, each with various focuses:
- ERN Payment Processing: A leading Israeli Check Guarantee Company with $13.4M in revenue and 71 employees.
- Rewire.to: Recognized for cross-border online banking solutions with $48.5M in revenue and 210 employees.
- Velona: Specializes in Network Management Software with $0.6M in revenue and 6 employees.
- Vesttoo: Focuses on insurance-related technologies with $33.9M in revenue and 150 employees.
Neema's niche focus on unbanked global workers sets it apart from competitors who offer broader services. Its strategic workforce growth and efficient operations further cement its market position.
Additional Insights
Neema’s strategic growth, characterized by an 18% increase in its workforce, highlights its expansion ambitions in product development, customer acquisition, and service delivery. This suggests Neema's intent to position itself for sustained growth, underscoring its commitment to efficiency and innovation in serving unbanked populations globally.
