One Zero CEO Gal Bar Dea steps down amid Italian expansion setback
One Zero CEO Gal Bar Dea steps down amid Italian expansion setback
The digital bank's venture in Italy has stalled, prompting leadership changes as Eyal Gafni prepares to take over.
Gal Bar Dea, the CEO of One Zero, widely regarded as the driving force behind the digital bank controlled by Prof. Amnon Shashua, is stepping down. The departure follows the freezing of the venture to establish a digital bank in Italy—a project Bar Dea was expected to lead. Eyal Gafni, currently serving as co-CEO, will take over as the sole CEO.
Earlier this year, One Zero announced plans to expand internationally in collaboration with Italy's Generali Bank. A memorandum of understanding was signed to create a digital bank in Italy, leveraging One Zero's technological infrastructure. The original plan involved hiring over 100 employees, including development and banking staff, in Italy. The initial investment was projected to be $40–50 million, funded jointly by One Zero and Generali.
The project was slated to launch in mid-2024, accompanied by an organizational restructuring. Under this plan, Bar Dea would transition from his role as CEO of One Zero in Israel to lead the newly created technology company and oversee the group’s global expansion. Gafni, then the CFO of One Zero, would assume the CEO role for the Israeli bank.
However, with the freezing of the Italian project, the planned restructuring was canceled. This left Bar Dea as the CEO of the Israeli bank while Gafni worked under him as co-CEO—a situation many deemed unsustainable. Today, Bar Dea announced his resignation.
Bar Dea has been with One Zero since its inception six years ago, joining the founding team of Israel’s first digital bank. He was appointed CEO in 2019. Gafni will take over as the sole CEO in January 2025, while Bar Dea will remain until March 2025 to assist with the leadership transition.
One Zero, Israel’s first new bank in 40 years, operates entirely digitally without physical branches. Since its public launch nearly two years ago, it has raised NIS 960 million from its shareholders, led by Shashua, and attracted 100,000 customers.
Despite its progress, the bank has yet to disrupt the market significantly. While it offers competitive rates compared to traditional banks, One Zero reported losses of NIS 620 million between 2022 and 2023. These losses were attributed to startup costs, salaries, and marketing expenses.
The bank aims to achieve profitability by the end of 2025. In response to its financial challenges, One Zero has already implemented workforce reductions, laying off more than 50 employees in the past year.
