Israeli fund targets global FinTechs
Viola has announced an initial closing of $100 million toward a target of $120-$150 million, for a new global FinTech fund
Viola has announced an initial closing of $100 million toward a target of $120-$150 million, for a new global FinTech fund. The fund is backed by selected leading global banks, insurance companies and asset managers from North America, Europe, APAC and Israel, including Scotiabank, The Travelers Companies, Inc and Bank Hapoalim.
Viola FinTech is a cross-stage venture fund that invests globally in FinTech companies alongside leading venture investors with the mission to bridge the gap between the worlds of financial institutions and innovative startups. The fund works closely with its investors to accelerate Fintegration (the implementation and adaption of innovative solutions by financial institutions) and to guide startups in the regulatory and corporate environment.
Viola FinTech is led by an exceptionally experienced team, with strong backgrounds in banking, entrepreneurship and investment: Prof. Daniel Tsiddon, Founder and General Partner, was the former Deputy CEO of Bank Leumi (Israel's second largest bank) and former Chairman of Leumi Partners, the Bank's investment arm; Tomer Michaeli, General Partner, co-founded FundBox (a leader in small business credit and payment solutions with tens of millions in revenues); and Avi Zeevi, who has been in the FinTech industry for 35 years and is Co-Founder of Viola Grop and Chairman of the FinTech fund Investment Committee.
The new fund is an independent fund and is part of the Viola group, Israel's leading technology-oriented multi-strategy investment group, with over $2.8 billion in assets under management.
Prof. Daniel Tsiddon, Founder and General Partner of Viola FinTech, said: "This fund provides financial institutions with the optimal response to cope with the fast-changing environment. 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."
"We are delighted to partner with Viola Group to accelerate the Bank's digital transformation and work with the most promising FinTechs across the globe," said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank. "This partnership will allow us to access Israel's innovation ecosystem including well-established cybersecurity and anti-fraud expertise by leveraging Viola Group's unique entrepreneurial and operational expertise."
Viola is Israel's leading technology oriented investment group with over $2.8 billion in assets under management. Founded in 2000, Viola's team includes over 30 investment professionals and 40 support staff, and has invested in over 200 technology companies. It is comprised of focused separate and independent investment arms, including: Viola Ventures – a technology focused early stage investment fund, Viola Growth – a technology focused growth capital fund, and Viola Credit – a venture debt arm, as well as other dedicated vehicles. It now adds Viola FinTech as its global co-investment FinTech fund.