Bank Hapoalim and subsidiary Poalim Capital Markets announced Tuesday that they are establishing an investment fund for technology startups that develop financial products.
The bank will allocated NIS 80 million ($21.42 million) for a 3-5 year period and will aim at early stage startups that have already procured investments from leading VC funds.
The fund is likely to invest in 15-20 technology initiatives that are in various development stages.
The first objective of the move is to seek new technologies that may serve Bank Hapoalim. The fund's investments will be contingent upon the economic viability of the product as determined by the bank's investment analysts.
Bank Hapoalim already uses technologies by Dilligent, and Storewiz which develop storage solutions, Wizsupport chat management and Actimize antifraud and money laundering security, among others.
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