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Fintech heavyweights join forces to build new companies

Fintech heavyweights join forces to build new companies

The former CEO of Israeli banking giant Leumi is joining forces with the founders of Payoneer and eToro to build a host of new fintech companies.

Rakefet Russak-Aminoach, Yuval Tal and Ronen Assia, have been brought in to lead the new fintech arm of Team8, a company-building venture group with strategic funding from Microsoft, Walmart, Barclays and Moody's.

Team8 Fintech plans to create up to six fintech firms over the next five years, pumping between $5 million and $8 million into each.

The group plans to create B2B and B2B2C fintechs, using a foundry model to partner entrepreneurs to co-found startups, bringing together its domain expertise and company-building capabilities to mitigate the complexity of building companies.

Say former Leumi chief Russak-Aminoach: "The financial industry is facing a perfect storm, with the decentralization of financial services ushering in an unprecedented era of complexity and collaboration. No one player, old or new, will own the entire fintech stack.

"Our team has a deep understanding of the needs and challenges of key industry players, providing a broad array of capabilities and perspectives to create companies that will seize the opportunities now being presented."

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