Israel-based Viola Investment Group announced on Wednesday it secured $100 million toward a target of $120-$150 million, for a new global FinTech fund. According to the company, this new fund is backed by selected leading global banks, insurance companies and asset managers, including Scotiabank, The Travelers Companies, Inc and Bank Hapoalim.
The investment firm stated that 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,” which is described as the implementation and adaption of innovative solutions by financial institutions, and to guide startups in the regulatory and corporate environment.
While sharing details about the fund, Daniel Tsiddon, Founder and General Partner of Viola FinTech, stated:
“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.”
Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank, added:
“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. 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.”