Sorbet
Payments
Tel Aviv, Israel

Overall Rank: 71
Category: Payments
Category Rank: 26

Awards:

  • Top Fintech Company of 2023

Profile

Founded in 2019, Sorbet is a game-changing financial benefit that gives employees the power to transform their unused PTO days into cash.


Sorbet’s advanced technology analyzes PTO usage and predicts the amount of unused PTO that will be paid out by employers at termination, allowing employees to access an untapped source of compensation without dipping into their salaries. Employees can finance dream getaways, invest in personal development, or even manage everyday expenses simply by answering a few questions and advancing against their unused PTO.


The seamless application process makes it easy for employees applying directly on Sorbet’s website as well as employers who wish to provide game-changing financial wellness benefits to their employees. Sorbet has already received thousands of applicants from some of the largest employers in the country, including Walmart, Amazon, Home Depot, and Target, requesting the equivalent of over $20 million in PTO cash advances.


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Key Products

PTO Cash Advance: Sorbet’s solution allows employees to get a cash advance against their unused paid time off. This benefit allows people to maximize their paid time off balance, empowers choice and eliminates the need to wait for job transitions. Users can conveniently access and manage their PTO cash advance through the Sorbet web application.


Sorbet for Employers: Sorbet also collaborates with companies to provide an innovative voluntary benefit to their workforce, with no added cost to the employer. Enhancing retention and talent attraction while improving employees’ financial well-being, Sorbet offers even better terms when accessed through employers, making it a win-win solution for all.


Customer Insights

“This is an extremely valuable service and I think this will become a very popular product to many people who have their PTO held hostage because they’re unable to take time off.” -Dave Cox, Executive Team Leader, Target


Milestone Achievement:


Sorbet recently marked a significant milestone by achieving $10 million in requested PTO cash advances, a testament to the overwhelming demand for its innovative financial solution. This achievement underscores Sorbet’s unwavering commitment to empowering employees, enabling them to unlock the full value of their accrued PTO and gain the financial flexibility they need.


Wide Adoption Across Leading Companies:


Sorbet’s PTO cash advance solution has garnered substantial attention, with employees from renowned organizations like McDonald’s, Walmart, USPS, Amazon, Target, Walgreens, CVS, and numerous others actively embracing this groundbreaking financial tool. This widespread adoption not only highlights Sorbet’s versatility in serving diverse industries but also showcases its profound positive impact on the financial well-being of employees.


Key Executives

Veetahl Eilat-Raichel, Co-Founder & CEO


Veetahl Eilat-Raichel is the co-founder + CEO of Sorbet – a one-of-its-kind fintech platform unlocking the $272B market of unused Paid Time Off.


Selected as one of the 20 most promising startups in 2021, Sorbet is an on-demand PTO cash advance solution created to financially empower employees by granting access to the cash value of their unused, accrued vacation days at any time.


Eilat-Raichel is an award winning marketing, product & business development leader with over 20 years of experience working at international industry leaders like L’Oréal, Lockheed Martin and Bank Hapoalim.


Eilat-Raichel has worked at multinational banks in Switzerland, Israel, and the United States and was most recently the Chief Marketing Officer at Isracard, the largest credit card and payment company in Israel.


Veetahl holds an MBA from the Kellogg school of management at Northwestern University.


Investors

Meron Capital


They are a dynamic investor specializing in early-stage startups, providing critical support through capital infusion, strategic guidance, and an extensive network of connections. They take the lead in backing promising Israeli entrepreneurs right from the outset, fostering an open and collaborative relationship with founders. Their commitment is to be the steadfast partner accompanying startups throughout their journey, striving to offer unparalleled support and expertise.


Viola Ventures


They are a leading venture capital firm specializing in early-stage investments in Israeli-related companies with transformative potential. Founded in 2000 by Avi Zeevi and Shlomo Dovrat, the firm manages over $1.2 billion across six funds and boasts seven investing partners solely dedicated to early-stage tech investments. With a rich 20-year history in Israel’s dynamic technology ecosystem, Viola is renowned for consistently supporting global tech companies and unicorns, including ironSource, Payoneer, Lightricks, Redis Labs, and Outbrain. They are usually on exceptional teams, emphasizing AI technologies that drive innovation in traditional markets, semiconductors, deeptech industries, and consumer-facing products.


Group 11


The company distinguishes itself as a forward-thinking investor with a keen focus on innovative software companies poised to revolutionize the financial services landscape. In an era where FinTech is gaining unstoppable momentum and disrupting traditional industry value chains, they have strategically positioned themselves as the partner of choice. Notably, the firm’s mission extends beyond just providing capital; it’s about fostering collaboration and offering insightful guidance to visionary entrepreneurs who are at the forefront of creating the financial services industry’s future leaders. In essence, their commitment to nurturing and supporting these pioneers aligns with the ongoing transformation of the global financial services sector, making it an essential catalyst for innovation in the industry.


Global Founders Capital


GFC is a globally focused venture capital firm founded by Oliver Samwer in 2013, headquartered in Berlin, Germany. With a stage-agnostic approach, they empower talented entrepreneurs across a spectrum of industries, including the internet, retail, financial software, media, communication, and information technology. GFC’s mission is to support and invest in companies poised for growth and innovation on a global scale.


Key Milestones


  • Sorbet has successfully secured a total of $21 million in funding, making it one of the most promising startups in the financial technology sector.

  • Sorbet’s vision and innovative approach have attracted investments from prominent venture capital firms and investors. The funding round was led by Dovi Frances’ Group 11, along with participation from Viola Ventures, Meron Capital, and Global Founders Capital.

  • Sorbet’s recent financing round, totaling $21 million, marks a significant milestone in the fintech industry. It is recognized as the largest Israeli fintech seed round to date.

  • This funding has empowered Sorbet to continue its mission of transforming the way employees access and utilize their accrued paid time off (PTO). The capital raised will further drive Sorbet’s growth, enhance its platform, and enable more individuals to experience the benefits of unlocking the true value of their PTO.