Developed technology for payments & credit.
Payment finished 2025 with a strong growth and profitability engine, but its shift toward an asset-light platform is still incomplete, so the key 2026 test is whether growth can continue without putting fresh pressure on the balance sheet and short-term funding.
Payment's NIS 22 million post-year-end dividend says more about its capital-allocation posture than about surplus liquidity: profit and equity rose, but payout flexibility still leans on short-term funding, portfolio sales, and cash support from option exercises.
The roughly 1% default headline captures only the end point. A full reading of Payment requires tracking the arrears layer, the amortized-cost pocket, and the company's ability to keep most of the book inside a smooth sale-and-recycle path.
In 2025, Payment turned portfolio sales into a capital-recycling tool that supports continued growth, but not yet into a mechanism that disconnects growth from the balance sheet and short-term funding.
