Fresh from the launch of Visa Europe Collab in London earlier this month, the card scheme has exported the idea to Israel with the opening of an innovation hub in Tel Aviv.
The creation of Visa Europe Collab in Israel begins the growth of the initiative’s footprint across Europe, with plans already in place to begin operations in other innovation hotspots, including Berlin, later this year.
In its first year, Visa Europe Collab aims to take a minimum of 20 ideas through its 100-day 'innovation funnel', from initial scoping and qualification, through market testing and design to proof of concept.
“Israel is known as the ‘startup nation’ and its entrepreneurs are turning their creativity to the fintech arena,” says David Page, innovation partner at Visa Europe Collab. “Four Israeli companies - Zooz, Prontoly, Payitsimple and MyCheck - have already entered the Visa Europe Collab innovation pipeline and more fresh and exciting concepts are coming through the door every day.”
Oded Salomy, previously Visa Europe subregional manager for Israel and Malta, will take over the running of Visa Europe Collab in Tel Aviv. Local Israeli partners include Terra Venture Capital, which recently launched CREATE Tel Aviv - an innovation programme that will help entrepreneurs develop products and technologies that address the needs of the international market.