An Israeli investment group focused on tech has raised $100 million for a fund to invest in financial technology (fintech) companies around the world.
Viola, based in Herzliya, Israel, said its fintech fund is backed by a number of 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 guidance on 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 general partner of Viola FinTech, said in a statement Wednesday.
"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."
Venture capitalists injected $17.4 million in the global fintech sector last year, according to industry body Innovate Finance. Israeli city Tel Aviv has received almost $50 million in funding in the last three years, according to Pitchbook data released in September.
Ignacio Deschamps, group head of international banking and digital transformation at Scotiabank, said: "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."
