Accenture (NYSE:ACN) has joined a new hub of financial technology (fintech) start-ups based in Tel Aviv, Israel dubbed “The Floor.”
As a supporter, Accenture will evaluate potential innovations for its clients and potentially its own strategic investments, while mentoring start-ups and strengthening its ties to the growing Israeli technology community.
The Floor was founded this year with support from institutions, including Banco Santander, HSBC, Intesa Sanpaolo and RBS, and from Intel Corporation. It offers fintech entrepreneurs and start-ups a platform to collaborate with financial services institutions, technology companies and venture capitalists. In recent years, fintech investment in Israel has grown dramatically, with the number of fintech ventures growing from 90 in 2002 to approximately 430 today.
“Over the past half-decade, fintech has become a major force of innovation in the financial services industry,” said Sushil Saluja, senior managing director of Financial Services in Europe, Latin America and Africa at Accenture. “The origins of these innovations are bound less by geography than by the growing wealth of ideas to reinvent financial services in the digital age. Israel has long been a leader in technology and is a growing contributor to the global fintech community. We are pleased to be part of this program.”
“We are extremely excited to announce our strategic collaboration with Accenture,” said Moises Cohen, co-founder and director at The Floor. “An indisputable global leader in the financial services and Fintech industries, Accenture is a perfect match for The Floor and its partners enabling us to address the industry’s challenges and work together with Fintech entrepreneurs to find innovative solutions.”
Accenture has been promoting fintech venture innovation since 2010, when it co-founded the FinTech Innovation Lab with the Partnership Fund for New York City. The Lab is a mentorship and accelerator program for leading financial technology ventures. Accenture launched additional labs in London in 2012, and in Hong Kong and Dublin in 2013. The program is supported by 33 of the world’s leading financial institutions. Nearly 100 ventures have participated in the Labs, raising more than $335 million in financing after the program. Between 2010 and 2015 global investment in fintech ventures has grown from $1.8 billion to $22.3 billion, according to Accenture’s latest report on the global fintech landscape.
Contributed | what does this mean?