Israel - Consulting Advisers - Professional Advisers: FinTech - Chambers and Partners
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Professional-Advisers-Fintech Guide

Consulting — Israel

Overview

Israel is known for an entrepreneurial culture that accompanies its highly advanced technology sector, which is perhaps most pronounced in the area of cybersecurity. FinTech companies are often more outward-looking in Israel than in other markets, meaning that guidance in making the choice of foreign market a prominent concern for clients. Israel’s biggest draw for international companies is the depth to which technology is integrated in the country: "Every second person in Israel has an idea for a startup, and every fifth person actually has a startup." Consultancy is at present dominated by the Big Four firms, with little competition. As all FinTechs in Israel are required by law to file an annual audit statement, many consultants in the country are particularly experienced in offering such assistance. Advisory services are often included pro bono as part of a business development package centred on these fees for producing annual audited financial statements.

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BDO Israel

From the Chambers Professional Advisers: FinTech guide

BDO have developed a prominent FinTech practice in Israel which, market sources say, "is eager to grow and definite challengers to the Big Four." In addition to providing audit, tax and investment advice to FinTechs and leading financial institutions such as Bank Leumi, Bank Hapoalim and Discount Bank, BDO have invested in building strong cyber-security and data analytics practices.

BDO recently acquired market-leading cybersecurity advisory firm SECOZ, significantly bolstering its services in that arena. Its data science lab is headed by Tsahi Frankovits, former Information and Statistics Director at the Bank of Israel. BDO were consulted by digital acquiring bank Credorax on the creation of its services model, and provided cyber-security and audit advice on a new banking system for Bank Yahav. The firm was also one of the first in Israel to provide consultancy on the accounting and tax issues surrounding ICOs.

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Deloitte

From the Chambers Professional Advisers: FinTech guide

Deloitte founded the Innovation Tech Terminal in August 2016, described by market commentators as "a beautiful floor for innovation" in Israel. The ITT aims to be a one-stop shop for FinTechs and global financial institutions, providing scouting services to institutions and highly focused business and due diligence advice to growth-stage startups. It also recently founded three R&D centres in Israel, one of which focuses exclusively on FinTech and cybersecurity.

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Equitech

From the Chambers Professional Advisers: FinTech guide

Equitech is co-founder of Fintech Aviv, a 4000 member community in Israel. As consultants, they leverage the Fintech Aviv network to connect post-seed stage startups with investors and financial institutions. Equitech advises startups on their market entry strategies and value propositions, and also helps investors, banks and acquirers engage with the Israeli market.

Equitech’s founding partners will often serve as CFO and maintain an active role in a startup post-acquisition. The firm partners with Rise Tel Aviv, as well as working with the Academic College of Tel Aviv in mapping the FinTech ecosystem in Israel.

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EY

From the Chambers Professional Advisers: FinTech guide

EY audits the largest percentage of the financial services and technology market in Israel. It is able to leverage this market share to provide real value-added services, including by connecting startups directly to compliance officers in compatible financial institutions who can provide tailored and highly specific regulatory advice.

It offers dedicated business development teams to startups as part of its auditing service and its cybersecurity team can provide penetration testing and privacy assessments if required. Market commentators comment on the firm's emphasis on the sector, noting that "EY’s teams are really focused on FinTech." EY's engagement with the wider FinTech community includes its partnerships with Journey Israel, 8200 EISP and the Sosa innovation hub in Tel Aviv.

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KPMG

From the Chambers Professional Advisers: FinTech guide

KPMG has an excellent reputation for its work in the burgeoning FinTech sector in the country, being described as the "flag-carriers in Israel for FinTech," and as having "a great presence in the high-tech startup scene generally." The firm’s sector team is led by head of FinTech Dorel Blitz, former Innovation Manager at Bank Leumi, who is assisted by Orly Stern Izhaki, co-founder of Israel’s first digital bank, Pepper.

KPMG are strategic partners with The Floor FinTech innovation hub, and also provide lead mentors to the Barclays and Citibank accelerators in Tel Aviv.

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