The start-up KitLocate, which develops location-based technology services, won the Israel Advanced Technology Industries and MasterCard Israel Technology Award last Thursday.

In second place was KidsCash, an online money management system for children and their parents. Third place went to SellInApp, enabling application developers to sell physical goods within their app.

KitLocate won $25,000 and was accepted into the Junction acceleration program run by the Genesis Partners venture capital firm.

Forty companies that develop products and solutions for electronic payments competed for the prize. These include Zollo, Parko, Pounce, and Shopnfly. Ten were chosen to present their projects at the final on Thursday.

The panel of judges included Bella Stavchansky, division president of MasterCard’s High Growth European Markets region; Daniel Cohen, director of operations for Mastercard Israel; Karin Mayer Rubinstein, the CEO of IATI; Eran Barkat, a partner in BRM Hi-Tech; Yifat Oron, a managing partner at Vertex Venture Capital; Itzik Frid, the CEO of the MoMinis games company; and Eden Shochat, a general partner at Genesis Partners.

KitLocate was founded in October 2011. It is managed by Omri Moran and employs four workers. The company's technology enables applications and other services to receive information about user's locations, so business owners in the vicinity can offer them relevant products and additional benefits.

Its technology enables the device using it to be located at all times, but the company emphasizes that in contrast to current solutions, it is energy efficient. The company has not yet raised external capital.

"The large number of competitors and the quality of the entries proves that in Israel there are significant, creative developments in financial technology products," commented Daniel Cohen, Mastercard Israel Country Manager.