Viola FinTech, an Israeli tech investment group, has raised $100m to back financial technology startups across the world.
The fund drew investment from banks and insurance companies including Scotiabank – credited with being Israel’s second largest bank – The Travelers Companies and Bank Hapoalim.
Viola FinTech’s fund is led by Danial Tsiddon, the ex CEO of Bank Leumi and chair of Leumi Partners, the bank’s investment arm.
“This fund provides financial institutions with the optimal response to cope with the fast-changing environment,” he said.
“As regulatory, technological and cultural gaps all work to slow innovation adoption, Viola FinTech accelerates the integration of innovative ideas into financial institutions while providing the necessary resources to FinTech companies as they scale to transform the financial sector.”
Ignacio Deschamps, who leads Scotiabank’s transformation project said he was delighted to partner with Viola Group in a bid to find the promising FinTech firms.
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“This partnership will allow us to access Israel’s innovation ecosystem, including well-established cybersecurity and anti-fraud expertise by leveraging Viola’s unique access to relevant companies and technologies,” he added.
Viola was founded 17 years ago and now employs more than 30 investment professionals and 40 support staff.
The group have backed more than 200 technology companies to date.