Max Acquisition, Valuation, Funding & Investors

Max was acquired by Clal Insurance for $760M in April 2022.

See full Max profile

Max acquisition price

$760M

Acquired by Clal Insurance · Apr 2022

Cumulative funding Max raised

$300K

across 1 funding round

Key investors in Max

  • Techstars

Max Overview

About Max

Max is a Bnei Brak-headquartered subsidiary of Bank Leumi providing credit cards including Multi, Leumi Card Free, Cash Card, World Signia, Gift Card, Y-Card, and Visa Plus in Israel. It offers merchant acquiring, organizational payment systems, workplace solutions, loans, payment discounts, multi-business arrangements, acquisition cards, and supplier cards since commencing operations in 2000.


Founded

2000

HQ

IsraelBarak

Website

max.co.il

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$760M (acquired Apr 2022)

Max Acquisition

Max was acquired by Clal Insurance for $760M on 11 April 2022.

Before the acquisition Max had raised $300K across 1 funding round.

Max is an Israeli credit card company previously controlled by Warburg Pincus (70% stake), with Clal Insurance already holding 9%. Clal Insurance Enterprises Holdings Ltd. signed a binding agreement in April 2022 to acquire the remaining 91% stake from Warburg Pincus, Menora Mivtachim Holdings, Allied Group, employees, and consultants at a company valuation of NIS 2.47 billion. The deal structure included Clal paying NIS 1.54 billion in cash (NIS 790 million immediately and NIS 370 million by April 2024) and assuming NIS 800 million in Max's debt, with 30% of consideration paid as Clal shares; net consideration was ILS 1.6 billion after structured finance. The transaction, completed on March 27, 2023 after regulatory approvals from the Israel Competition Authority, Bank of Israel, and Capital Markets Authority, marked Clal's entry into the consumer credit market to boost competition. Conditions included Clal maintaining at least 30% in Max and not exceeding 7.5% in banks or other credit card companies. Max operates in credit cards, payments via sister company Hyp, and was integrated into Clal to diversify non-insurance cashflows and leverage synergies in the financial group. Post-acquisition, Max's credit portfolio exceeded NIS 10 billion, supporting Clal's growth in profitability. The deal raised NIS 500 million via equity and was financed partly through commercial papers.

Max acquisition details
AcquirerDateTypePrice
11 Apr 2022Strategic M&A$760M

Max Funding History

Max has raised a total of $300K across 1 funding round.

Max funding rounds

Max funding rounds
DateStageInvestorsRaised
Mar 2016Pre-seedTechstars (lead)$300K

Who has invested in Max?

1 investor has backed Max across its funding rounds, including Techstars.

Lead investors include Techstars.


Max Investors

Investors in Max by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 1 Max investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by Max

Max has acquired 1 company to date.

Last acquisition by Max was on February 9th 2020. Max acquired CreditGuard for undisclosed valuation.


Latest Acquisitions by Max

CreditGuard
Description
CreditGuard is a Tel Aviv-headquartered provider of PCI DSS Level 1 payment solutions since 1998. It processes over 30 billion transactions annually across four continents for acquirers, enterprises, and SMEs. The portfolio includes white-label platforms, gateways, risk monitoring, and tokenization for cards, checks, and cash withdrawals. CreditGuard serves IPSPs with end-to-end secured electronic payment processing.
HQ CountryIsrael
HQ City
Givat Haim
Deal Date9 Feb 2020
Valuationundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Max acquisitions and their M&A valuation multiples.

Start Free Trial

Max Competitors

Max competitors include listed companies like American Express, Mastercard and Visa, and private ones like Highnote, Lithic and M2P Fintech.

Public and private companies comparable to Max
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
American ExpressUnited StatesUnited StatesPublicly listed$72B-$210B2.9x
MastercardUnited StatesUnited StatesPublicly listed$33B$20B$496B14.1x
VisaUnited StatesUnited StatesPublicly listed$40B$26B$694B15.4x
HighnoteUnited StatesSan Francisco, CAPrivate--$750M-
LithicUnited StatesNew York City, NYPrivate--$800M-
M2P FintechIndiaIndiaPrivate$54M-$701M13.0x

Max Public Comps

Max is no longer listed, but its public comps include Cuscal, Worldline, Jiangsu Tongxingbao, Optasia, Isracard, GMO Financial Gate, Paysafe, Fawry, Azkoyen and CPI Card.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cuscal$297M$22M5.1x5.8x67.8x24.6x
Worldline$4.6B($5.2B)0.6x0.7x(0.6x)3.8x
Jiangsu Tongxingbao$159M$47M2.7x-9.2x-
Optasia$265M$79M4.3x3.6x14.5x9.1x
Isracard$1.2B$48M1.9x-49.8x-
GMO Financial Gate$115M$18M2.8x2.3x17.6x14.7x
Paysafe$1.7B$341M1.6x1.5x7.8x5.9x
Fawry$166M$73M6.8x5.2x15.4x9.6x

This data is available for Pro users. Sign up to see all Max competitors and their valuation data.

Start Free Trial

Common questions about Max

When was Max founded?Max was founded in 2000.
Where is Max headquartered?Max is headquartered in Barak, Israel.
Is Max publicly listed?No, Max was acquired by Clal Insurance in April 2022.
Who acquired Max?Max was acquired by Clal Insurance in April 2022.
How much was Max acquired for?Max was acquired for $760M in April 2022.
How much funding has Max raised?Max has raised $300K across 1 funding round.
What was Max's last funding round?Max's last funding round was a $300K pre-seed round in March 2016, led by Techstars.
Who are Max's investors?Max's investors include Techstars.
Which companies are comparable to Max?Companies comparable to Max include American Express, Mastercard, Visa, Highnote, Lithic and M2P Fintech.
How many companies has Max acquired?Max has acquired 1 company, including CreditGuard.

See companies similar to Max

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial