Viola, Israel’s largest technology investment group, has announced an initial closing of $100 million towards a new global FinTech fund, backed by financial institutions including Scotiabank, The Travelers Company and Bank Hapoalim.

The mission of the Viola FinTech fund is to “bridge the gap” between the worlds of financial institutions and innovative startups. The fund works with investors to accelerate the implementation and adaption of innovative solutions by financial institutions, and guides startups in the regulatory environment.

Daniel Tsiddon, founder and general partner of Viola FinTech, said: “This fund provides financial institutions with the optimal response to cope with the fast-changing environment. 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.

Ignacio Deschamps, group head of international banking and digital transformation at Scotiabank, added: “We are delighted to partner with Viola Group to accelerate the bank’s digital transformation and work with the most promising FinTechs across the globe.

“This partnership will allow us to access Israel’s innovation ecosystem including well-established cyber security and anti-fraud expertise, by leveraging Viola Group’s unique entrepreneurial and operational expertise.”

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