Team8 Fintech, startup foundry introduced the mission of growing future Fintech Unicorns, finding new ways for data to guide financial decisions.
Team8 Fintech is guided by Rakefet Russak-Aminoach, former President and CEO of Israel’s largest bank, Leumi Group Yuval Tal, Founder & president of digital payments Unicorn Payoneer and Ronen Assia, Founder and former Chief Product Officer of social trading network and multi-asset contribution unicorn eToro. Galia Beer Gabel, former Head of Business Development for PayPal beyond Eastern Europe, Israel, and Africa, are also combining Team8 Fintech as part of the construction team. Russak-Aminoach stated that the financial world is off-balance today. Consumers are unhappy with the service they get given the current state of technology and regulators are enabling new competition into the financial services market. These new players typically provoke heavy losses because gaining market and customer satisfaction is very expensive. Russak-Aminoach also mentioned that with the Team8’s resources and company building model, they’ll launch companies that are B2B2C, working with the functionary. Eventually, they will reach the consumer with a better solution, but they are not going to invest in the customer’s asset.
Team8 Fintech intends to have the startups and they will set up work, not only with existing large financial service providers but also with “successful Fintech companies” and the “new providers” companies such as Amazon and Uber- large digital enterprises viewing help with “embedded Fintech”, the rapidly growing financial transaction part of their business. Russak-Aminoach stated that they intended to assemble five to six companies over the next four years, the same stride as Team8’s rate of launching startups.
Each of these companies will get between $5 and $8 million as startup funds and a couple of additional millions as in-kind services from Team8 Fintech. They will also act as both investors and co-founders. With her experience in controlling the successful digital transformation of a large bank, her partner’s Fintech skills, and the proven Team8 company to the building model. She added confidently that there is no reason why they should not be able to build one unicorn after another. Team8’s founder Nadav Zafar said that the twelve successful cybersecurity startups Team8 has launched over the last six years, the expert team it has enlisted, and the community of investors, partners, and business executives have converged, and combine to provide a sound foundation for her confidence. They want to apply to Fintech their system of the company to the building.
