Valley National Bancorp Invests $25 Million in an Early-Stage Fintech-Oriented Israeli VC
August 04 2022 - 8:00AM
Business Wire
Valley National Bancorp (NASDAQ:VLY) today announced a $25
million investment in The Garage, a venture capital fund that
builds and invests in early-stage startups in the fields of
fintech, AI and cyber. The fund is backed by Bank Leumi, the
leading bank in Israel and by BRM Group, a seasoned Israel-based
family office with a proven track record that started with its
initial investment in Check-Point in 1993.
The Garage was founded and is managed by Omer Nagar, Eyal Redler
and Shay Dan, who formerly served in high-ranked positions in elite
IDF intelligence and technology units, bringing over 60 cumulative
years of experience in R&D, technology, and strategic global
operations.
Founded in 1927 and widely regarded as one of the premier
regional banking organizations in the United States, Valley has
made a strategic investment in The Garage to support the bank’s
digital transformation efforts while enabling the rising number of
Israeli Fintech startups a fast lane to the American market.
Following the unique model built in Israel by The Garage with Bank
Leumi, Valley intends to form a designated team in the bank which
will enable The Garage’s portfolio companies quick and effective
integration into Valley’s systems.
“Innovation plays a critical role in everything we are building
at Valley,” remarked Valley’s Chief Product Officer Stuart Cook.
“Our goal is to challenge the traditional approach to banking by
operating on the forefront of technology and innovation. We’ve
found a partner in The Garage that is leading this charge and
radically altering the financial services landscape forever by
taking on the world’s biggest challenges in fintech, AI and cyber.
Together with The Garage, we’ll be able to bring the vision of
these aspiring startups to life by accelerating their access to the
U.S. market and providing the banking solutions they need to be
successful.”
"We are excited to start working with Valley,” commented The
Garage’s CEO Omer Nagar. “This is another important milestone in
The Garage’s plan to allow Israeli tier-1 entrepreneurs a one-stop
shop to take them from the initial investment through to a game
changing design partnership with Bank Leumi, and all the way to the
heart of the US market at Valley.”
“One of our key strategic goals is to ensure long-term relevance
in a constantly changing banking environment,” remarked Valley CEO
Ira Robbins. “The Garage was the best partner to help us achieve
this goal. Their vision, combined with tremendous human capital,
made them the ideal partner to help us lead the way in reshaping
the financial sector through innovation and cutting-edge
technology.”
About Valley As the principal subsidiary of Valley
National Bancorp, Valley National Bank is a regional bank with
approximately $54 billion in assets. Valley is committed to giving
people and businesses the power to succeed. Valley operates many
convenient branch locations and commercial banking offices across
New Jersey, New York, Florida, Alabama, California, and Illinois,
and is committed to providing the most convenient service, the
latest innovations and an experienced and knowledgeable team
dedicated to meeting customer needs. Helping communities grow and
prosper is the heart of Valley’s corporate citizenship philosophy.
To learn more about Valley, go to www.valley.com or call our
Customer Care Center at 800-522-4100.
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Pam Golden pam@glapr.com 973-564-8591
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