Business
Israeli airline Israir buys 20% stake in credit card company
Israeli airline Israir buys 20% stake in credit card company
About this update from Isracard Ltd.
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)