Israel’s Bank Leumi is pumping more than $280,000 in a programme to aid financial technology start-ups.
The bank – along with start-up investor Elevator – will invest $20,000 in up to six companies in return for a 10% stake.
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Leumi expects the programme to cost an additional $200,000 in the services each company will receive during the six-month placement.
Leumi and Elevator will provide each company with consultation and business development services, such as accounting, public relations and legal support.
The Bank will provide companies in the FinTech program with exposure to Leumi’s Eco-System and direct access to Leumi’s Beta Site, along with support by technological development experts,
The programme is aimed at companies engaged in banking technology that focus on payments, investment management, personal financial management and innovative products.
The first round will be launched in late September, with applications from start-ups currently open.
At the end of the scheme, the Bank and Elevator will assist the companies in creating business relations to promote their activities with leading financial institutions in Israel and abroad.
Danny Tsidon, Deputy CEO of Leumi, said the bank would set Israeli entrepreneurs ahead. "Bank Leumi aspires to support Israeli technology companies from their creation, during their stages of growth, and until they reach maturity", he said.
"I hope that our support to these companies will evolve to the point of further investment and even acquisition by Leumi," Tsidon added.
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