Mar 07, 2016 09:10 AM EST
Chinese venture capital firm Pando Group poured $2 million in investment to Israeli vertical-focused financial technology hub, The Floor. The Tel Aviv-based fintech hub will create an academy for startups to learn about banking and regulations.
According to South China Morning Post, The Floor will act as a hub for fintech companies in Israel. The hub will provide a co-working space, a research and development center as well as offer potential partnership with banks. The Floor has already formed relationships with local and international banks, including HSBC, Banco Santander and RBS.
The Floor's 1,600 square metre space will be open for 25 fintech companies. The hub noted that they are not just an accelerator or incubator, but an opportunity for companies to work closely with banks and other innovative companies to learn and solve problems. The place will give companies access to venture capitalists as well as mentors from banks and other established firms.
The investment from Pando Group could connect Israel's technology and strong economy with the Asian markets. Both the hub and the firm plan to connect Israeli fintech companies with Asian banks, especially in China, Hong Kong, and Singapore. They believe that having a Chinese partner as a major stakeholder will lead in the short term to joint ventures between Israeli and Chinese vendors as well as banks.
Geektime reported that The Floor already has three Asian banks as their institutional supporters, among others. As The Floor's Managing Parter Gil Devora stated, "The wants to create a complete yet diverse ecosystem of stakeholders such as fintech entrepreneurs, banks, insurance companies, service providers, regulators, investors and tech companies."
The hub also aims for coverage of global markets. The Floor is determined to help Israeli startups reach any market in the world. Devora also said that the hub has partnered with four of the largest international banks to ensure that goal is within reach, also secured investments from venture capital groups around the world and, in particular, Asia.
The Floor was created to support Israelis' strength in the fintech sector with 400 firms, as reported byFinance Magnates from an interview with Moises Cohen, one of the heads of the initiative. He also explained that the initiative wants to solve gaps in the current fintech ecosystem in Israel, whereas many of the firms are lacking exposure to international banks that could support them improve their business.
The $2 million investment secured by Israeli fintech hub The Floor from Chinese venture capital firm Pando Group will not only assist the hub with financial measures but also connect Israel companies with the Asian markets. Israel is growing its tech sectors with more than 400 firms.
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