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Israel's Viola raises fintech fund backed by Travelers, Scotiabank

Reuters

TEL AVIV (Reuters) - Israel's Viola investment group said on Wednesday it has raised $100 million toward a target of $120 million-$150 million for a new global financial technology fund.

The fintech fund is backed by banks, insurance companies and asset managers from North America, Europe, Asia-Pacific and Israel, including Scotiabank, The Travelers Companies and Bank Hapoalim.

Viola FinTech said it is working closely with its investors to accelerate the adaption of technology by financial institutions.

Daniel Tsiddon, the former deputy CEO of Bank Leumi, Israel’s second largest bank, is a founder and general partner in the fund.

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The Viola group has over $2.8 billion in assets under management. Last month its Viola Ventures said it had raised a new fund with commitments of over $170 million towards a $200 million target.

(Reporting by Tova Cohen)