Multiple sectors were heavily affected by the coronavirus pandemic. While some sectors observed a lull period, others recorded heavy user interest, and fintech, as a sector, falls into the latter category. Fintech companies have been doing notably well ever since the coronavirus pandemic began, which could be attributed to the fact that most transactions and services can now be availed online.
To help more fintechs thrive, global venture group, Team8 has launched Team8 Fintech, a practice focused on founding and scaling fintech companies. This venture group specialises in enterprise technologies, data, AI and cybersecurity and is backed by the likes of Barclays, Microsoft, Walmart, Cisco.
Going beyond idea, capital and tech
Team8 aims to aid in the creation of both B2B and B2B2C companies that can empower industry players with new technologies and new business offerings. The venture believes that depending on merely good ideas, capital and superior-tech is not enough in the world of financial services. As per Team8, a venture should be about coaching, support and the environment to breed innovation.
Some impressive personnel are spearheading the Team8 venture. The list includes Ronen Assia, founder of social trading network unicorn eToro, Yuval Tal, founder of digital payments unicorn Payoneer, Rakefet Russak-Aminoach, creator of Israel’s first and only neobank Pepper, and Galia Beer-Gabel, who held senior roles for PayPal internationally.
“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,” says Rakefet Russak-Aminoach, Founder of Team8 Fintech.
Accelerating your path to success
Team8 claims to deliver deep domain expertise for creating and investing in companies specialising in enterprise technology, cybersecurity and fintech. The venture group will leverage its “Team8’s signature foundry model of company building” and ideate new solutions to address existing problems and target opportunities for relevant audience.
It is also set to partner with ‘exceptional’ entrepreneurs to co-found new companies, while providing domain expertise and company-building capabilities to mitigate the complexity of building companies in a highly regulated and fragmented market. Its resources are referred to as the Team8 Village, which is said to be an extensively rich ecosystem of corporate executives and investors. This insight and resourcefulness, the venture claims, will accelerate a new company’s path to success.
“We’ve been incredibly impressed by Team8’s approach and track record, and feel they are the ideal partner to help think through some of the challenges and opportunities we all face,” says Ben Davey, CEO of Barclays Ventures.
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