NEW YORK and TEL AVIV, Israel, Sept. 15, 2020 /PRNewswire/ — Team8, company-building enterprise group backed with strategic funding from Microsoft, Walmart, Barclays and Moody’s, amongst others, in the present day introduced the launch of Team8 Fintech, a observe targeted on founding and scaling transformative fintech corporations. Team8 Fintech is led by former President & CEO of Israel’s largest bank, Leumi Group, Rakefet Russak-Aminoach, Founder & President of digital funds unicorn Payoneer, Yuval Tal, and Founder and Former Chief Product Officer of social buying and selling community and multi-asset brokerage unicorn eToro, Ronen Assia. Galia Beer-Gabel, former Head of Enterprise Improvement for PayPal throughout Japanese Europe, Israel and Africa, can be becoming a member of Team8 Fintech as a part of the founding group that brings a wealth of experience throughout retail banking, credit score, funds, ecommerce and buying and selling.
COVID-19 DRIVES MAJOR FINTECH OPPORTUNITIES
COVID-19 has paved the best way to hyper digitization, accelerating tendencies and expectations each on the enterprise stage and for customers throughout all age teams. From the decline in cash utilization and the reducing relevance of brick and mortar to the current surge within the opening of digital-only bank accounts, the pandemic is performing as a catalyst to spur a wealth of latest digital experiences that supply enhanced engagement and elevated personalization. The monetary companies sector is already present process main transformation, pushed by a number of forces. Laws reminiscent of “open banking” encourage competitors, present customers with extra management over their information, and permit them to simply migrate and undertake new monetary companies. Trendy know-how developments and banking-as-a-service platforms make it simpler than ever to repurpose and combine completely different layers of the monetary know-how stack into new purposes. From youthful generations searching for options with their favourite manufacturers somewhat than their mother and father’ monetary establishments of alternative, to a rising ageing inhabitants depositing checks by telephone now, COVID-19 has fast-forwarded in the present day’s market wants by a decade.
TEAM8 FINTECH MISSION
Team8 Fintech will create each B2B and B2B2C corporations that empower trade gamers with new applied sciences and new enterprise choices to make sure they keep related and acquire a aggressive benefit. The foundry will construct corporations that allow incumbents, largely working with legacy infrastructure, to hyperscale their digital transformation. For established fintechs, sometimes providing area of interest options, Team8 Fintech will create corporations that improve their value propositions with extra various and sturdy capabilities and broaden their enterprise models. The observe will even goal non-financial corporations with vital buyer bases and related buyer touchpoints the place a monetary service providing may be helpful. Team8 Fintech will create corporations offering embedded fintech options to deal with these alternatives, enabling such non-financial corporations to grow to be new fintech suppliers, benefiting from new income streams and enhanced buyer engagement.
BUILDING ON A PROVEN FOUNDRY MODEL
Team8 Fintech will leverage Team8’s signature foundry model of firm constructing, ideating novel options to deal with the issues and alternatives of its target market. The foundry will accomplice with distinctive entrepreneurs to co-found new corporations, bringing collectively its area experience and company-building capabilities to mitigate the complexity of constructing corporations for this extremely regulated and fragmented market; in the end accelerating the trail to success. The Foundry will leverage and lengthen the Team8 Village – an in depth wealthy ecosystem of company executives and traders that present a privileged insider’s view to enterprise challenges and fintech alternatives – a key profit for corporations. It is going to additionally help startup development via its trademark disciplined and rigorous method, using the group’s in-house group of dozens of area specialists, researchers, ideators, entrepreneurs, enterprise builders and expertise recruiters based mostly in New York and Tel Aviv.
A pioneer within the international digital banking enviornment, Russak-Aminoach has been listed in Fortune Journal’s “100 Most Highly effective Ladies” thrice since 2015 and included within the BBC’s “100 Most Inspirational and Influential Ladies”. At Bank Leumi, Russak-Aminoach headed Israel’s oldest bank and turned it into the biggest market cap smart by implementing groundbreaking digital transformation methods together with the institution of LeumiTech, the Group’s high-tech banking arm, and the launch of neobank Pepper, one of many world’s first absolutely digital banks launched by an incumbent.
“The monetary trade is dealing with an ideal storm, with inevitable adjustments and developments already underway. Understanding the challenges and complexities of incumbents or different enterprises to innovate from inside, my ardour is to construct the sort of corporations I’d have wished to collaborate with in my earlier position as CEO of a bank. I see nice alternatives in leveraging new applied sciences to utterly reinvent monetary companies, drive effectivity and enhance buyer expertise,” stated Rakefet Russak-Aminoach, Managing Associate, Team8 Fintech. “With a purpose to execute modern fintech, a robust know-how accomplice is significant – Team8 is famend for its best-in-class know-how capabilities and I am excited in regards to the fintech powerhouse we’ll construct.”
“At this time, we’re becoming a member of forces with giants. Monetary Providers are firstly about Belief. To make them extra environment friendly, out there and in the end truthful, Digital Belief is paramount. And Digital Belief depends on Cyber Safety and Privateness – a pure habitat for Team8. Assembling this all-star group is a uncommon occasion and is gearing us with the expertise, gravitas and distinctive management expertise to construct transformative fintech corporations. This cements one other vital milestone in Team8’s journey as we broaden our foundry model and grow to be a multi-sector enterprise group,” stated Nadav Zafrir, Managing Associate, Team8 Platform.
EXPANDING A UNIQUE EXPERTISE-LED VENTURE GROUP
Team8 Group at the moment operates Team8 Enterprise, a foundry car that builds cyber and information corporations, and Team8 Capital, an funding car that funds present startups throughout Team8’s areas of experience. The group expands into a brand new area with Team8 Fintech throughout each firm constructing and funding actions.
Team8 is a company-building enterprise group with deep area experience that creates corporations and invests in corporations specializing in enterprise know-how, cybersecurity and fintech. Leveraging an in-house, multi-disciplinary group of company-builders built-in with a devoted group of C-level executives and thought leaders, Team8’s model is designed to stipulate huge issues, ideate options, and assist speed up success via know-how, market match and expertise acquisition. Team8’s management group represents serial entrepreneurs, trade pioneers and the previous management of Israel’s elite tech and intelligence Unit 8200. Based in 2014, Team8 is backed by international corporations together with Microsoft, Walmart, Cisco, Barclays and Moody’s, amongst others. For additional info go to www.team8.vc
Diane Mckaye, Silicon Valley Communications