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Top related persons:
Carolyn Cohn - 4 Vesttoo - 3 Ami Barlev - 2 Yaniv Bertele - 2 David Goodman - 2 Mouro - 1 DLA Piper - 1 Kroll - 1
Top related locs:
Israel U.S
Top related orgs:
Thomson - 4 Banco Santander's - 3 Nasdaq - 1

Search resuls for: "Vesttoo"


6 mentions found


☆ Fintech Vesttoo seeks Chapter 11 bankruptcy protection
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Aug 14 (Reuters) - Israel-based fintech Vesttoo is seeking Chapter 11 bankruptcy protection in a U.S. court which will enable it to pursue legal action against those responsible for a fake collateral scandal, it said in a statement on Monday. Vesttoo - partly backed by Banco Santander's (SAN.MC) fintech venture capital arm Mouro Capital - has laid off staff, closed offices and appointed an interim chief executive following the discovery of fraudulent letters of credit used on its platform. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Led by Mouro, Vesttoo last raised $80 million at a $1 billion valuation last October. In its bankruptcy filing, Vesttoo said it had appointed law firm DLA Piper and financial adviser Kroll to represent the firm.
Persons: Vesttoo, Ami Barlev, Mouro, DLA Piper, Kroll, Carolyn Cohn, Sonali Paul Organizations: Banco Santander's, Thomson Locations: Israel, U.S
☆ Israeli fintech Vesttoo names new interim CEO
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
JERUSALEM, Aug 9 (Reuters) - Israeli fintech company Vesttoo said on Wednesday it named Ami Barlev as interim chief executive officer, replacing Yaniv Bertele, who was in charge during a fake collateral scandal. The firm noted Barlev specializes in the areas of corporate governance, business development, crisis management, and managing companies in complex situations. Vesttoo, which uses artificial intelligence technology to connect the insurance industry and capital markets, is also in contact with regulatory bodies worldwide. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Reporting by Steven Scheer and Carolyn Cohn; Editing by Toby Chopra and David EvansOur Standards: The Thomson Reuters Trust Principles.
Persons: Vesttoo, Ami Barlev, Yaniv Bertele, Barlev, Steven Scheer, Carolyn Cohn, Toby Chopra, David Evans Organizations: Nasdaq, Banco Santander's, Thomson
☆ Israel's Vesttoo in talks with investors over fake collateral scandal
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Aug 7 (Reuters) - Israeli fintech company Vesttoo is in "active discussions" with potential investors to find alternative collateral for clients after discovering fake letters of credit had been used on its platform, a company spokesperson said on Monday. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. These securities may be backed by collateral in the form of letters of credit. Vesttoo was working with the markets to find alternative collateral, it said in the statement. Vesttoo said a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants.
Persons: Vesttoo, Yaniv Bertele, Carolyn Cohn, David Goodman, Mark Potter Organizations: Banco Santander's, Thomson
☆ Israeli fintech Vesttoo talks to investors after fake collateral scandal
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: 1 min
LONDON, Aug 7 (Reuters) - Israeli fintech company Vesttoo is in "active discussions" with potential investors to find alternative collateral for clients after a fake collateral scandal, a company spokesperson said on Monday. Vesttoo, which uses artificial intelligence technology to connect the insurance industry and capital markets, is in contact with regulatory bodies worldwide, the spokesperson said in an emailed statement after discovery of fake letters of credit used on its platform. Reporting by Carolyn Cohn Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
Persons: Carolyn Cohn, David Goodman Organizations: Thomson
☆ Israeli AI Startup Vesttoo Sparks a Global Insurance Scandal
  + stars: | 2023-08-04 | by ( Jean Eaglesham | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/israeli-ai-startup-vesttoo-sparks-a-global-insurance-scandal-cdeb5fee
Persons: Dow Jones
☆ Vesttoo valuation more than triples to $1 billion after latest funding
  + stars: | 2022-10-25 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
Oct 25 (Reuters) - Vesttoo Ltd said on Tuesday its valuation has more than tripled to $1 billion after the insurance risk transfer platform secured $80 million in late-stage funding at a difficult time for private companies to raise capital. The series C round drew investments from venture capital firms Mouro Capital, Gramercy Ventures, Black River Ventures and Hanaco Ventures. "In a time rife with uncertainty, Vesttoo is showing resilience, financial strength and profitability," said Chief Executive Yaniv Bertele in a statement. Vesttoo offers a platform for insurance companies to transfer their risk to capital market investors. Reporting by Manya Saini in Bengaluru and Carolyn Cohn in London; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
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