China's Fosun invests in Israeli fintech firm The Floor

China's Fosun invests in Israeli fintech firm The Floor

Israeli fintech innovation centre The Floor has secured a $5 million investment from Chinese conglomerate Fosun International and its financial services subsidiary.

Based at the Tel Aviv Stock Exchange with a branch in Hong Kong, The Floor was launched in 2016 as a fintech hub promising to support local startups disrupting the financial services industry.

The firm has secured support from some of the world's biggest banks, including Santander and RBS, and now styles itself as a "reverse innovation platform" through which it "sources business pain points and transforms them into innovative solutions".

With the new funding and recent opening of a Hong Kong location, the startup now says that it wants to bring Israeli technologies to Asia, particularly China.

Avi Cohen, CEO, The Floor, says: "The Floor is shaping future technologies across fintech verticals and we believe that Fosun will lead us to the fast track to becoming a market leader."

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