Daniel Tsiddon, founder in addition to also also general partner, in addition to also also Tomer Michaeli, general partner at Viola FinTech.
An Israeli investment group focused on tech has raised $100 million for a fund to invest in financial technology (fintech) companies around the globe.
Viola, based in Herzliya, Israel, said its fintech fund will be backed by several international banks, including Scotiabank in addition to also also Bank Hapoalim, as well as insurer The Travelers Companies.
The project aims to connect financial institutions with fintech start-ups, provide guidance on regulation in addition to also also accelerate the adoption of fresh financial technologies, Viola said.
“This specific fund provides financial institutions with the optimal response to cope with the fast-changing environment,” Daniel Tsiddon, founder in addition to also also general partner of Viola FinTech, said in a statement Wednesday.
“As regulatory, technological in addition to also also 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.”
Venture capitalists injected $17.4 million from the global fintech sector last year, according to industry body Innovate Finance. Israeli city Tel Aviv has received almost $50 million in funding from the last three years, according to Pitchbook data released in September.
Ignacio Deschamps, group head of international banking in addition to also also digital transformation at Scotiabank, said: “This specific partnership will allow us to access Israel’s innovation ecosystem including well-established cybersecurity in addition to also also anti-fraud expertise by leveraging Viola Group’s unique entrepreneurial in addition to also also operational expertise.”