Bank Hapoalim (TASE: POLI) has joined the Microsoft Ventures Accelerator in Tel Aviv, run by Hanan Lavy. They will open a special program for financial technologies (fintech).
Bank Hapoalim will help locate and choose promising fintech start-ups for inclusion in the Ventures Accelerator's upcoming class, which will open in March 2014. During the four-month program, the bank will provide financial and technological mentors. Fintech start-ups will gain access to the bank's technological development environment in Israel and overseas to test their idea in a beta version.
When the class is over, Bank Hapoalim will integrate the solutions as part of its value creation for customers. The bank will also provide the start-ups with advice and training in routine financing and a $30,000 loan, which can be converted into equity in the start-ups next financing round.
For Bank Hapoalim, participation in the Microsoft Ventures Accelerator is part of its 18-month old policy to invest in fintech companies, given their importance in developing innovation in this field, which is accelerating worldwide.
For Microsoft Israel's R&D Center, this is part of its policy to collaborate with other companies, including Deutsche Telekom AG (XETRA: DTE), eBay Inc. (Nasdaq: EBAY), Sears Israel, Saatchi and Saatchi affiliate Baumann Ber Rivnay, Comcast Corporation (Nasdaq: CMCSA), and Y&R Israel Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2013
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