Israeli Founded Company 'Fifty One' Completes Canvassing of $10.1 Million

NEW YORK, NY, August 09, 2012

Fifty One originally known as E4X, set up in 1999 by Yuval Tal, has now completed its process of raising $10.1 million. Yuval Tal is also founder and president of the New York-based company Payoneer, established in 2005, dealing with international payments exceeding $500 million payments per annum.

According to IVC research center, the Venture Capital Fund Vintage together with the existing investors, which included Pitango, Adam Street Partners, Online Venture Partners and Venture Strategy Partners - participated in this canvassing - all in all elevating the total amount raised to $37.6 million.

Fifty One's original idea was development of a payment method geared for retailers who operate their international activities with partners in various countries and save themselves the inconvenience of dealing with different currency rates. Site owners have now been given the option to enable customers to pay in any currency of their choice and Fifty One has made this all possible just by charging an agents fee for handling the exchange.

Today Fifty One provides a packet of products in the field of logistics and payments which simplifies the process for retailers computing online, to sell anywhere in the world, with the support of services such as processing payments, cost calculations and international coordination in management of returns.

The specific services that Fifty One supplies, very much alleviate the online commerce activities whereby the trading is done in dollars whereby most of the customers that purchase over the Internet, are actually located outside the USA.

More than 120 of the leading retailers in the USA are working daily with Fifty One's packet of products. Amongst the company's partners are leading retail chains like Macy's, J Crew, Sears, Under Armour and many others and Fifty One smooth the progress of those American retailers that sell their products in 105 countries and in 40 different currencies. Fifty One's software program is installed on their partners' electronic trading infrastructure and the company also provides logistic services and delivery options, customer service and returns and fraud prevention.

According to the technology blog PandoDaily, last year Fifty One's payment system 'rolled' in 140 million dollars and this year they expect to generate 200 million dollars which will increase as the company continues to profit. Last year an income of 40 million dollars was registered equaling about 30% of payments that Fifty One handled.

This year Fifty One purchased the assets of the Canadian e-commerce company Borderfree, and following the finalization of the acquisition, opened new offices in Toronto, Canada. Borderfree is a company that deals with the field of logistics in the world of computing online and offers a service that allows Canadians to shop at US sites. The fusion of these two leaders in cross-border ecommerce and with more than 10 years expertise of Borderfree's experience in the Canadian market, will leverage the learning whereby assuring business continuity.

Founder, serial investor and angel Yuval Tal, has an outstanding educational background and with extensive experience in technology and security start up companies, has over two decades of significant Internet commerce under his collar.

For More Information About Fifty One and its Founder Yuval Tal: http://www.fiftyone.com and www.yuvaltal.org.