Israeli carrier Israir TASE:ISRG said on Tuesday it was buying 20% of a local credit card company for 40 million shekels ($12 million) in a bid to grow its passenger base.
Israir will buy the stake from retailer Rami Levy TASE:RMLI and credit card firm Isracard TASE:ISCD.
It said a new credit card would be called SuperFly and compete directly with market leader FlyCard, operated by flag carrier El Al Israel Airlines TASE:ELAL.
"The SuperFly card will allow us to deepen our relationship with the Israeli customer beyond the flight ticket," Israir said. "This is a strategic move that will reshape customer loyalty in the industry."
Israir said it aims to have 300,000 cards issued by the end of 2026 "turning the card into a growth engine for its broader target of flying 2.5 million passengers in 2026."
The carrier is a smaller rival to El Al and flies mainly domestic routes and to Europe.
($1 = 3.3404 shekels)