06 Dec 2017

Globes: Viola closes $100m fintech fund

The fund, targeted to reach $120-150 million, is backed by Scotiabank, The Travelers Companies and Bank Hapoalim.

Israel’s Viola has announced closing of a $100 million global fintech fund, toward a target of $120-$150 million. The fund is backed by leading global banks, insurance companies and asset managers from North America, Europe, APAC and Israel, including Scotiabank, The Travelers Companies, Inc and Bank Hapoalim (TASE: POLI).

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 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 (TASE: LUMI) (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 Group and Chairman of the FinTech fund Investment Committee.