Riskified, an e-commerce risk management platform became the latest Israeli firm to move funds to bank accounts outside of Israel, following similar steps by Papaya Global, a fintech firm, and cloud cybersecurity company Wiz.
“The laws being passed can lead to the dismantling of our independent judicial system,” Chief Executive Officer Eido Gal wrote in an email to Riskified employees on Wednesday. “This will result in Israel changing from a democracy with liberal values into a more authoritarian state.” Riskified — which is headquartered in New York — also offered Israel-based employees relocation packages to Portugal, where it has an R&D site, and encouraged workers to protest the judicial changes. “Our concern is that as the financial situation continues to deteriorate, and in order to maintain financial stability, the government will limit transfers and withdrawals of large amounts,” Gal said.