Team8 announces the launch of its new fintech venture
Team8 has announced the launch of Team8 Fintech, a brand new service that concentrates on a transformative approach to the industry.
Categorised as a “company-building venture group”, Team8 builds businesses and invests in fintech companies that focus on cybersecurity, innovation, and new technology. The Team8 philosophy is solution-based and backed by an impressive array of corporate giants, including Cisco, Microsoft and Barclays.
The demand for greater development in the fintech industry has been accelerated by the COVID-19 pandemic, with companies accelerating plans to implement and integrate digital systems that enable greater servicing power online.
The decline in the use of cash has also created a surge in neo and challenger banking. The financial sector is experiencing significant transformation driven by open banking, new tech advances and a younger generation eager to embrace the digital age.
Team8, which is based in New York and Tel Aviv, aims to empower industry innovators with the latest technology and encourage incumbents to upscale their operations through digital transformation.
Leading the charge towards this corporate fintech transformation is Rakefet Russak-Aminoach, Managing Partner, Team8 Fintech, who has been named one of the “100 Most Powerful Women” and was the driving force behind Bank Leumi’s exploration of the digital sector (the first incumbent to do so).
Russak-Aminoach said, “The financial industry is facing a perfect storm, with inevitable changes and advancements already underway. Understanding the challenges and complexities of incumbents or other enterprises to innovate from within, my passion is to build the type of companies I would have wanted to collaborate with in my previous role as CEO of a bank.
“I see great opportunities in leveraging new technologies to completely reinvent financial services, drive efficiency and improve customer experience.”
Referring to the extreme market growth and potential of the fintech industry, Nadave Zafrir, Managing Partner, Team8 Platform, added, “Today, we are joining forces with giants. Financial services are first and foremost about trust. To make them more efficient, available and ultimately fair, Digital Trust is paramount.
“Digital Trust is dependent on Cyber Security and Privacy, a natural habitat for Team8. Assembling this all-star team is a rare event and is gearing us with the talent, gravitas and exceptional leadership skills to build transformative fintech companies. This cements another important milestone in Team8’s journey as we expand our foundry model and become a multi-sector venture group.”
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