Visa Europe has announced today the launch of its international innovation hub in Israel. The project, which was originally launched on 1st May, will work in Tel Aviv with Israeli startups, entrepreneurs and partners to produce new payments technology.
Israel was selected because of its strong startup reputation. The country is reportedly home to 5000 startups, making it the region with the most startups per capita in the world.
The Israeli launch marks Visa Europe’s growth throughout Europe. The initiative is also planning to launch operations in other key European cities such as Berlin, which will open in July.
Visa Collab plans to take 20 startup ideas and put them through its 100-day innovation process where it will go through initial scoping all the way through to market testing and proof of concept.
The best ideas will become part of Visa Europe where they will be moulded into fully operational services.
“Israel is known as the ‘startup nation’ and its entrepreneurs are turning their creativity to the fintech arena. 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,” said David Page, co-creator and Innovation Partner at Visa Europe Collab.
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