Bank Leumi launches fintech innovation hub

22 August 2013

Bank Leumi, one of Israel's largest institutions, has partnered with investment company Elevator to introduce a financial technology innovation hub.

The new team will provide some backing to the nation's financial technology start-ups and the pair are aiming to launch the first wave of a six month scheme in September 2013.

There are currently six firms already onboard the initiative and interested parties may now apply.

A direct investment will be made by Elevator into each firm, paying $20,000 for ten per cent stakes, with the companies also gaining $180,000 worth of "services", including being housed at Elevator's Tel Aviv offices.

The start-ups will also have access to Bank Leumi's technology infrastructure and beta site, enabling them to develop their products.

Bank Leumi will be providing its business sector and IT development experts as consulting support in area such as budgeting and marketing.

By Claire Archer

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