Globes – Why FinTech in Israel is Booming
24 August 2016
FinTech-Aviv analyst Jacob Copley surveys the Startup Nation’s flourishing financial technology scene.
With a population of merely 8.5 million people, Israel, the Startup Nation serves as a global hub for innovation in the high-tech sector and especially the FinTech vertical. In the past year alone, Israeli startups generated over $4.5 billion in funding, more than 10% of which was attributed to the growing FinTech industry. There are currently over 500 FinTech startups that reside in the country, both disrupting and supporting the future of banking and the financial services industry. This figure has continued to grow significantly year after year. In 2009, for example, there were only 90 FinTech startups with $13 million in capital. These startups are not only helping banks prosper in the modern age, but also giving individuals, small family owned businesses, and multinational firms alike the opportunity to conduct business more effectively.