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Tencent, Julius Baer Back First New Israel Bank in Over 40 Years

  • First Digital Bank raised $120 million to challenge rivals
  • Lender founded by Shashua, entrepreneur behind Mobileye, Orcam

Israel’s first new bank in more than four decades has won the backing of investors including Julius Baer Group Ltd. and China’s Tencent Holdings Ltd. as it mounts a challenge to take business from the country’s biggest lenders.

Founded by serial entrepreneur Amnon Shashua, First Digital Bank raised $120 million in its biggest funding round to date, according to a company statement on Tuesday. The round, which was also bankrolled by Japan’s SBI Holdings Inc., values it at $320 million.