Meitav Dash jumps as fintech unit Liquidity provides funding

The share price of investment house Meitav Dash (TASE: MTDS) is up more than 17% on the Tel Aviv Stock Exchange this morning, following the company’s announcement that fintech firm Liquidity Capital, in which it has a 44.6% stake, a $40 million investment from Apollo Global Management, MUFG Innovation Partners of the Mitsubishi Bank group and Spark Capital, and another $5-10 million from other investors, under a SAFE (Simple Future Equity Agreement). If a particular investment, as provided in the SAFE, is made in Liquidity within the time frame in the agreement, the parties will convert their investment into equity at a valuation of $800 million. If not, the conversion is worth $550 million.

In addition, Apollo Global Management Liquidity provides a renewable line of credit of up to $425 million for five years.

In addition to Meitav Dash, Spark Capital and MUFG Innovation Partners are existing shareholders in Liquidity.

Since its inception in 2019, Liquidity has granted loans totaling $600 million to dozens of companies. The company is led by co-founder Ron Daniel.

Liquidity manages several debt funds in Israel, the Cayman Islands and Singapore that provide credit to growth companies.

Published by Globes, Israel business news – en.globes.co.il – on April 5, 2022.

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