Israel's Bank Leumi launches fintech innovation hub

Israel's Bank Leumi launches fintech innovation hub

Israel's Bank Leumi has teamed up with investment vehicle Elevator to launch a fintech innovation hub, providing backing to the country's financial technology start-ups.

The partners are planning to launch the first round of a six month programme in September, with up to six fintech start-ups onboard. Interested firms can apply now.

Elevator will make a direct investment in each firm, paying $20,000 for 10% stakes, with the companies also receiving $180,000 worth of "services".

These services include housing at Elevator's Tel Aviv offices and access to Leumi's technology infrastructure and beta site, enabling the start-ups to develop and examine their products within the bank's systems.

Leumi will also provide its business sector and IT development experts as mentors and consulting support on things such as work plans, budgeting and marketing tools.

After five months in Israel, the participants will then fly to New York for 30 days of networking and fundraising.

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