Viola intends to raise between $120m and $150m for the FinTech fund, which works with its investors to speed up the implementation and adaption of innovative solutions by financial institutions.
The funding will also be used to help startups in the regulatory and corporate environment.
Global banks, insurance companies and asset managers from North America, Europe, APAC and Israel are supporting the fund.
Viola FinTech is a cross-stage venture, which invests in FinTech companies across the globe and coordinates with venture investors to support financial institutions and innovative startups.
Scotiabank is investing in Viola FinTech, which will support Israeli, European and North American FinTechs across various growth stages.
Viola FinTech founder and general partner Daniel Tsiddon said: "This fund provides financial institutions with the optimal response to cope with the fast-changing environment.
“As regulatory, technological and cultural gaps all work to slow innovation adoption, Viola FinTech accelerates the integration of innovative ideas into financial institutions while providing the necessary resources to FinTech companies as they scale to transform the financial sector."
Established in 2000, Viola has invested in more than 200 technology companies. The group has four separate and independent investment arms, including Viola Ventures, Viola Growth, Viola Credit and Viola FinTech.
Image: Viola has secured $100m funding for new global FinTech fund. Photo: courtesy of cooldesign / FreeDigitalPhotos.net.
