May 28, 2015
Visa Europe has announced the launch of Visa Europe Collab in Israel. Following the launch of Visa Europe Collab in London on 1st May, Visa Europe Collab in Israel continues the mission of working with startups, entrepreneurs and partners to develop products and services that aim to transform the payments experience for consumers.
Operating out of London’s Tech City, Tel Aviv and Berlin, Visa Europe Collab brings together an international community of partners and innovators to identify the most exciting new ideas in payments and help develop them into commercial reality. The innovation hub will help the companies it works with by nurturing their talents, developing their potential and giving them access to the tools and the connections to grow their businesses and their ideas. Also, through the Visa Europe team, the hub will help these companies roll out their services to Visa’s network of banks, retailers and consumers across Europe.
Israel is widely considered to be home to more startups per capita than any other region globally, and ranks highly in the startup ecosystem league rankings just behind Silicon Valley. The opening 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 European innovation hotspots, including Berlin later this year.
In its first year, Visa Europe Collab aims to take a minimum of 20 ideas through its unique 100-day innovation funnel, from initial scoping and qualification through market testing and design to proof of concept. Of those completed proofs of concepts, the best new validated and commercially viable services will be handed back into the main body of the Visa business where they’ll be nurtured into fully grown services that can be rolled out to Visa member banks, retailers and consumers across Europe.
David Page, Co-Creator and Innovation Partner at Visa Europe Collab, said in an official press release, 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.
Visa Europe Collab’s wide range of partners include design agency Seren, Cass Business School and accelerator MassChallenge. Local Israeli partners include Terra Venture Capital which recently launched CREATE Tel Aviv, an innovation program that will help entrepreneurs develop products and technologies that address the needs of the international market. Visa Europe Collab is also in partnership discussions with a number of other local incubators, accelerators and government bodies.