back Back

Valley National Bancorp invests $25m in a FinTech-oriented Israeli VC

By Edlyn Cardoza

August 08, 2022

  • Bank Leumi
  • BRM Group
  • Digital Transformation
Share

 Valley National Bancorp, The Garage, Venture Capital Fund, FinTech, Bank Leumi, BRM Group, Digital Transformation, USA Valley National Bancorp recently announced a $25 million investment in The Garage, a venture capital fund that builds and invests in early-stage startups in FinTech, AI and cyber. The fund is backed by Bank Leumi, a leading bank in Israel and by BRM Group, a seasoned Israel-based family office with a proven track record that started with its initial investment in Check-Point in 1993.

Founded in 1927 and widely regarded as one of the premier regional banking organisations in the United States, Valley has made a strategic investment in The Garage to support the bank’s digital transformation efforts while enabling the rising number of Israeli FinTech startups to a fast lane to the American market. Following the unique model built in Israel by The Garage with Bank Leumi, Valley intends to form a designated team in the bank, enabling The Garage’s portfolio companies’ quick and effective integration into Valley’s systems.

“Innovation plays a critical role in everything we are building at Valley,” remarked Valley’s Chief Product Officer Stuart Cook. “Our goal is to challenge the traditional approach to banking by operating on the forefront of technology and innovation. We’ve found a partner in The Garage that is leading this charge and radically altering the financial services landscape forever by taking on the world’s biggest challenges in fintech, AI and cyber. Together with The Garage, we’ll be able to bring the vision of these aspiring startups to life by accelerating their access to the U.S. market and providing the banking solutions they need to be successful.”

“We are excited to start working with Valley,” commented The Garage’s CEO Omer Nagar. “This is another important milestone in The Garage’s plan to allow Israeli tier-1 entrepreneurs a one-stop shop to take them from the initial investment through to a game changing design partnership with Bank Leumi, and all the way to the heart of the US market at Valley.”

“One of our key strategic goals is to ensure long-term relevance in a constantly changing banking environment,” remarked Valley’s CEO Ira Robbins. “The Garage was the best partner to help us achieve this goal. Their vision, combined with tremendous human capital, made them the ideal partner to help us lead the way in reshaping the financial sector through innovation and cutting-edge technology.”

Previous Article

August 08, 2022

Rêv partners with Searchlight Capital Partners to acquire Netspend Consumer Business

Read More
Next Article

August 08, 2022

DIFC launches first global family business and private wealth centre

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Bank Leumi

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Today

MyZoi launches inclusive digital wallet for the underbanked

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024