Top Group Software has announced the completion of a major deal in the local fintech market: Top Nippando, a wholly owned subsidiary, signed a deal to buy all of the startup PayEm's shares.
The agreement, which was finalized today after being agreed at the end of June, is a reflection of the recent turmoil in the fintech sector.
A business that previously raised a significant amount of money is now being sold for a symbolic $500,000, with the buyer pledging to contribute up to an extra $3.5 million. This sum will mostly be used to lower obligations and stabilize the company's financial situation.
Itamar Jobani and Omer Rimoch founded PayEm in 2020 with the goal of creating a SaaS platform for corporate cost management, control, and automation.
Corporate debit and credit card issuance and management, procurement process automation, multi-currency digital wallet management, and financial connectivity with intricate business ERP systems were all included in the platform's all-inclusive solution.
The company raised money fast and was seen as a bright participant during the tech industry's high-growth years. Pitango, NFX, and Glilot Capital Partners led a $27 million Seed and Series A investment that was announced in September 2021.
The company announced another significant $220 million fundraising round in early 2023 despite a shift in the market. This round included $20 million in stock and $200 million in credit lines from Viola Credit, Mitsubishi Group, and other partners to finance its clients' card use.
PayEm faced serious financial challenges in recent years, despite its technology and clientele. The company's audited financial records for 2025 reveal a negative equity position with total assets of NIS 47.08 million ($15.8M) compared to liabilities of NIS 51.1 million ($17.1M). The company's revenue for that year was NIS 19.1 million ($6.4M), but its net loss was NIS 17.1 million ($5.7M).
Also Read: How Fintech is Fueling India’s Startup Growth in 2026
According to Top Group, PayEm's anticipated post-merger performance is not reflected in these past losses. All current equity instruments and options will be canceled under the agreement as a condition of completion, and an aggressive efficiency drive that started in 2026 and included labor reductions will continue.
Even before considering potential synergies between Payem's activities and those of Top Group and Top Nipendo, these steps are expected to bring the company to operational break-even this year. The purchasing business intends to use either external funding or internal resources to finance the deal.