Team8, an Israeli cybersecurity think tank and company creation platform, is concentrating on fintech startups with the launch of its new industry-specific VC, Team8 Fintech.
The new venture capital will focus on founding and scaling fintech startups and will focus on both B2B and B2B2C companies. It is planning to leverage its foundry model of company building, ideating novel solutions to address the problems and opportunities of its target audience.
Further, it plans to partner with entrepreneurs to co-found new companies.
“The financial industry is facing a perfect storm, with inevitable changes and advancements already underway,” Rakefet Russak-Aminoach, founder of Team8 Fintech, said in a statement.
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“Understanding the challenges and complexities of incumbents or other enterprises to innovate from within, my passion is to build the type of companies I would have wanted to collaborate with in my previous role as CEO of a bank. I see great opportunities in leveraging new technologies to completely reinvent financial services, drive efficiency, and improve customer experience.”
Backed by Well-Known Industry Names
Established in 2014, Team8 made its mark as a tech venture capital in the industry due to its backing from companies like Barclays, Microsoft, Walmart, and Cisco.
In fact, the new venture will be led by four well-known fintech entrepreneurs: eToro’s Ronen Assia; Yuval Tal from Payoneer; Rakefet Russak-Aminoach, who created Israel’s first neobank Pepper within Bank Leumi; and Galia Beer-Gabel, a senior executive at Paypal.
The Foundry will also leverage Team8 Village, the venture capital’s existing network of several corporate executives and investors from the industry.
“We’ve been incredibly impressed by Team8’s approach and track record, and feel they are the ideal partner to help think through some of the challenges and opportunities we all face,” Ben Davey, CEO of Barclays Ventures, said.