November 22, 2016
Israel is known as the ‘startup nation’ and its entrepreneurs are turning their creativity to the FinTech arena, said David Page, Co-Creator and Innovation Partner at Visa Europe Collab. In fact, Israel has the highest concentration of technology companies outside of Silicon Valley with Israel’s technology industry accounting for almost 16% of the country’s GDP.
Israel’s startup ecosystem is one of the most rapidly growing, with nine Israeli companies among KPMG's 100 most promising FinTech companies for 2016, compared with eight in 2015. Two Israeli companies Payoneer and Ourcrowd were rated among the 50 leading established companies, while seven were listed among the emerging FinTech stars of tomorrow.
However, the startup ecosystem wouldn't have a chance if the environment did not allow for its rapid growth and development. Deloitte reports that Israel is the number one is the world in R&D expenditure per capita – the country invested ~4.25% ...