The bank, through its real estate investment arm Leumi Partners, will hold 20% of the new venture, to be called “The Garage”, along with other partners from Israel and abroad. The strategic plan is to establish and invest in 15 start-ups over the next five years.
The uniqueness of the venture: Deep connection to Leumi and other strategic partners to enable optimal identification of challenges, along with assisting start-ups to refine their ideas and solutions with Leumi experts, optimally adapting products to the market in a real environment and product development while relying on Leumi and partners’ technology and information infrastructure The others.
Hanan Friedman, Photo: Oren Dai
Leumi CEO Hanan Friedman“This is a leap forward in the implementation of the Bank’s strategy to lead the transition from traditional banking to the era of technological banking. The fund will make a significant contribution to both the Bank and its customers and especially to the world of Israeli start-ups.”
Leumi’s VP of Technology, Haim Shkolnik“The unique model built within The Garage will enable Leumi to accelerate innovation based on the creativity and capabilities of startups to build the banking of the future, along with a real contribution to the success of young Israeli start-ups in operations outside Israel.”
The Garage CEO, Omar Nagar: “The Garage is a unique venture that weaves deep connections between strategic partnerships and a management team that specializes in human capital development, risk management and technology. We work with the leading technological and operational talents in Israel and with leading strategic partners from Israel and abroad to establish the best start-ups in the world. “.
Leumi and high-tech entrepreneurs Omar Nagar, Eyal Redler andShay Dan, Announce the establishment of a new fund under the name “The Garage”, which will establish and accompany start-ups in the fields of fintech, cyber and data and AI. The fund will also have strategic partners from Israel and abroad. Nagar, Redler and Dan are three entrepreneurs from elite intelligence and technology units who will serve as CEO, VP of Strategy and VP of Technology. Leumi, through Leumi Partners – the bank’s real estate investment arm, will own 20% of the garage and the bank’s representatives will serve on the fund’s board of directors, along with the other partners.
The Garage’s strategic plan is to establish and invest in 15 start-ups over a five-year period. The Garage caters both to entrepreneurs looking to set up a start-up to solve existing or future technological challenges in the worlds of finance, cyber, data and AI and to early-stage companies that have already developed a service or product. In both cases, the fund will allow companies to work in their natural environment, along with providing the opportunity to receive from Leumi and other strategic partners services, guidance and advice on regulatory, financial, managerial and technological issues. The fund will also allow companies unique access to experts and data based on strategic collaboration with Leumi and the other partners. In addition to the benefits of the broad envelope that the technological talents can receive in Garage, the possibility of implementing the products and services that the companies will develop in Leumi systems will be examined.
Leumi CEO Hanan Friedman: “Leumi has engraved on its banner to be the technological spearhead of the financial sector in Israel, and leads the banking support of the local high-tech industry. “New – more digital, based on models and data. I thank our partners at Garage and I am sure that together we will make a significant contribution both to the bank and its customers and to the world of Israeli start-ups.”
Haim Shkolnik, Credit: Oren Dai
Leumi’s VP of Technology, Haim Shkolnik: “The unique model built within The Garage will enable Leumi to generate innovation based on the creativity and capabilities of start-ups to build the banking of the future, along with a real contribution to the success of young Israeli start-ups around the world. “For those companies to develop through the added values that the bank brings with it and also to significantly upgrade the bank’s capabilities through technological means and groundbreaking products.”
The Garage CEO, Omar Nagar: “The Garage is a unique venture that weaves deep connections between strategic partnerships and a management team that specializes in human capital development, risk management and technology. Our worldview consists of a combination of decades of experience in the worlds of technology and special operations. With the leading technological and operational talents in Israel in order to establish the best start-up companies in the world. “
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