One of the hottest companies located in the building of the Tel Aviv Stock Exchange (TASE), The Floor, has announced that it has secured a new investment round. The firm is getting $5 million from Hong Kong-based Fosun. The strategic investment is aimed at promoting the platform in Asia and opening the doors for the fintech innovation hub to a global marketplace.
The investment is jointly made by Fosun and Fosun Hani Securities Limited. This is the second deal for the Hong Kong-listed multinational. The company’s market cap as of today totals to about $14 billion with the firm’s total assets exceeding $70 billion as of the end of 2017.
The Floor is the second investment of the Asian giant in the State of Israel. A representative from Fosun will be joining the Board of Directors of The Floor shortly. The company is already operating a branch in Hong Kong and has wide-ranging partnerships with big banks and big tech companies such as HSBC, RBS, Santander, Accenture, and Intel.
The Floor’s goal is to use innovative technologies such as fintech, blockchain and cyber to deliver products which help big financial institutions to tackle particular pain points for their businesses.
An investment from a big player on the Chinese market is opening the doors for the firm to access more potential partnerships. With a long-term vision to expand beyond Israel and into the hot Asian markets, the firm’s commitment was recently reaffirmed with the establishment of its Hong Kong office.
In May 2018, The Floor announced its strategic partnership with TASE to jointly establish a blockchain securities lending platform. The company has been dedicated to leading several R&D initiatives capable of delivering new technologies to financial institutions, alongside plans for global business expansion, especially in China.
Commenting on the deal, the Chairman of Fosun International Limited, Guo Guangchang, said: “As a family-focused multinational company rooted in China and with profound industrial operations capabilities, Fosun’s mission is to create global ecosystems in ‘health, happiness and wealth’ through technology and innovation.”
The Chinese multinational is aiming to leverage new technologies and introduce them to the company’s platform.
“The investment in The Floor can accelerate the implementation of the group’s key investment projects. In addition, The Floor can also inject new vitality into the technology and financial group as well as to Fosun’s wealth ecosystem,” said Yao Wenping, Vice President of Fosun International Limited.
The co-founder and CEO of The Floor, Avi Cohen, elaborated that the investment of Fosun makes the firm’s vision to improve the financial industry closer to reality.
“As a start-up serving tier-1 multinational banks, our aim is to partner with global players like Fosun to promote our platform and expand our business scale. The Floor is shaping future technologies across fintech verticals and we believe that Fosun will lead us to the fast track to becoming a market leader,” Cohen said.