Ex-Bank Leumi CEO and tech execs launch $100M fintech venture fund

Rakefet Russak-Aminoach, former president and CEO of Israel-based Bank Leumi, joins a group of fintech executives, including Yuval Tal, founder of payments company Payoneer, and Galia Beer-Gabel, a former head of business development at PayPal, to launch Team8 Fintech, a $100M fintech fund.

Why should we care?
Team8 is an Israeli cybersecurity investment firm. Team8 Fintech aims to build fintech firms from the ground up. It adds a new focus area to the company’s existing initiatives, which include Team8 Enterprise, an arm that creates cyber and data companies, and Team8 Capital, an investment arm that funds existing startups. What’s noteworthy about Team8 Fintech is the expertise it brings to the table through its team of industry execs, and its hands-on “foundry” approach to building companies. To Team8, COVID-19 brings new opportunities for B2B and B2C fintech firms, including embedded solutions from non-financial firms. “COVID-19 has paved the way to hyper digitization, accelerating trends, and expectations both at the business level and for consumers across all age groups,” the firm said in a statement.