- Companies
- Max
Max Acquisition, Valuation, Funding & Investors
Max was acquired by Clal Insurance for $760M in April 2022.
Cumulative funding Max raised
$300K
across 1 funding round
Key investors in Max
Techstars
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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 11 Apr 2022 | Strategic M&A | $760M |
Max Funding History
Max has raised a total of $300K across 1 funding round.
Max funding rounds
| Date | Stage | Investors | Raised |
|---|---|---|---|
| Mar 2016 | Pre-seed | Techstars (lead) | $300K |
Who has invested in Max?
1 investor has backed Max across its funding rounds, including Techstars.
Lead investors include Techstars.
Max Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Max investors. Start Free Trial | ||||
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Start Free TrialAcquisitions 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
| 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 Country | |
| HQ City | Givat Haim |
| Deal Date | 9 Feb 2020 |
| Valuation | undisclosed |
| 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $72B | - | $210B | 2.9x | ||
| Publicly listed | $33B | $20B | $496B | 14.1x | ||
| Publicly listed | $40B | $26B | $694B | 15.4x | ||
| Private | - | - | $750M | - | ||
| Private | - | - | $800M | - | ||
| Private | $54M | - | $701M | 13.0x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $297M | $22M | 5.1x | 5.8x | 67.8x | 24.6x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $159M | $47M | 2.7x | - | 9.2x | - | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $1.2B | $48M | 1.9x | - | 49.8x | - | |||
| $115M | $18M | 2.8x | 2.3x | 17.6x | 14.7x | |||
| $1.7B | $341M | 1.6x | 1.5x | 7.8x | 5.9x | |||
| $166M | $73M | 6.8x | 5.2x | 15.4x | 9.6x | |||
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. |
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