Top Group Software announced on Wednesday the completion of a significant transaction in the local fintech market, in which its wholly owned subsidiary, Top Nippando, signed an agreement to acquire all shares of the startup PayEm. The deal, signed at the end of June and completed today, reflects the ongoing upheaval in the fintech industry in recent years.
A company that previously raised substantial funding is now being sold for a symbolic price of only $500,000, alongside a commitment from the buyer to inject up to an additional $3.5 million, which will be used primarily to reduce liabilities and stabilize its financial position.
Founded in 2020 by Itamar Jobani and Omer Rimoch, PayEm developed a SaaS platform for managing, controlling, and automating corporate expenses. The platform offered a comprehensive solution that included issuance and management of corporate debit and credit cards, automation of procurement processes, management of multi-currency digital wallets, and financial integration with complex enterprise ERP systems.
During the high-growth years of the tech sector, the company was considered a promising player and raised capital quickly. In September 2021, it disclosed a $27 million Seed and Series A round led by Pitango, NFX, and Glilot Capital Partners. In early 2023, amid a shift in market conditions, the company announced another large fundraising round of $220 million, consisting of $20 million in equity and $200 million in credit lines from Viola Credit, Mitsubishi Group, and other partners to finance its customers’ card activity.
Despite its technology and customer base, PayEm encountered significant financial difficulties in recent years. The company’s audited financial statements for 2025 show total assets of NIS 47.08 million ($15.8M) against liabilities of NIS 51.1 million ($17.1M), reflecting a negative equity position. That year, revenue totaled NIS 19.1 million ($6.4M), while the company recorded a net loss of NIS 17.1 million ($5.7M).
Top Group clarified that these historical losses do not reflect PayEm’s expected performance following the transaction. Under the agreement, and as a condition of completion, all existing equity instruments and options will be canceled, and an aggressive efficiency plan will continue, including debt reduction and workforce cuts that began in 2026, prior to signing.
These measures are expected to bring Payam to operational break-even during the current year, even before accounting for potential synergies between its operations and those of Top Group and Top Nipendo. The acquiring company plans to finance the transaction using internal resources or external financing.
