An Israeli purchase group focused on tech has raised $100 million for a fund to invest in financial technology (fintech) corporations around the world.
Viola, located in Herzliya, Israel, said its fintech fund is backed by several international banks, including Scotiabank and Bank Hapoalim, as well as insurer The Travelers Companies.
The project aims to connect financial institutions with fintech start-ups, provide help with regulation and accelerate the adoption of new financial technologies, Viola said.
“This fund provides financial institutions with the optimal response to cope with the fast-changing environment,” Daniel Tsiddon, founder and basic partner of Viola FinTech, explained on a statement Wednesday.
“As regulatory, technological and cultural gaps all job to sluggish innovation adoption, Viola Fintech accelerates the integration of innovative ideas into financial institutions while providing the necessary resources to fintech corporations as they scale to transform the fiscal sector.”
Venture capitalists injected $17.4 million in the global fintech sector last year, according to industry body Innovate Finance. Israeli town Tel Aviv possesses received almost $50 million in financing in the last three years, relating to Pitchbook data released in September.
Viola’s Tsiddon added: “This partnership allows us to access Israel’s advancement ecosystem including well-established cybersecurity and anti-fraud knowledge by leveraging Viola Group’s unique entrepreneurial and operational knowledge.”