Accenture Boosts Tel Aviv’s Fintech Space

Professional services company Accenture (NYSE: ACN) has made yet another contribution to the fintech space. The company has joined “The Floor” – a hub of financial technology startups based in Tel Aviv.

Fintech Tel AvivSource: BusinessWire

Accenture has been closely connected with the fintech space since 2010, thanks to its 12-week mentorship programs, called the Fintech Innovation Lab held in London, New York, and Hong Kong. The programs are platforms for the early- and growth-stage companies to showcase their products or ideas, refine them, and raise funding to develop them. In 2014, Digital Reasoning raised $24 million in Series C round led by Goldman Sachs and Credit Suisse NEXT investors.

With The Floor, Accenture will act as a mentor to the Israeli startups, selecting some of them for its clients and for its own strategic purposes. The startups have the opportunity to get into the big game with support from a leading professional services brand.

Moises Cohen, Co-founder and Director at The Floor said,

We are extremely excited to announce our strategic collaboration with Accenture. An indisputable global leader in the financial services and fintech industries, Accenture is a perfect match for The Floor and its partners enabling us to address the industry’s challenges and work together with fintech entrepreneurs to find innovative solutions.

Accenture is also aiming to strengthen its ties with the growing Israeli fintech community. The number of financial technology ventures in Israel has jumped multifold from 90 in 2002 to 430 as of today.

The Floor was founded this year with support from leading banks including Banco Santander, HSBC, Intesa Sanpaolo and RBS, and from Intel Corporation.

With Accenture boosting the fintech space in Tel Aviv, many startups will have the chance to interact and collaborate with financial services companies, technology companies, and VCs. Fintech has been one of the hottest sectors, and Israel can surely cast a lasting impression given proper time, attention, and resources.