Visa Europe is opening an innovation hub in Tel Aviv, just weeks after opening its Visa Europe Collab in London.
Visa Europe executives likened the London hub to the atmosphere similar of an Apple retail store. The Israeli innovation hub will carry a similar theme.
Israel is known as the startup nation and its entrepreneurs are turning their creativity to the fintech arena, David Page, innovation partner at Visa Europe Collab, stated in a May 26 press release.
Four Israeli companies Zooz, Prontoly, Payitsimple and MyCheck have entered the Visa Europe Collab innovation pipeline and "more fresh and exciting concepts are coming through the door every day, Page added.
Oded Salomy, previously Visa Europe's subregional manager for Israel and Malta, will oversee the operation of Visa Europe Collab in Tel Aviv.
Local Israeli partners include Terra Venture Capital, which recently launched Create Tel Aviv, an innovation program to help entrepreneurs develop products and technologies.
Visa Europe is a member bank and service provider organization that partners with Visa Inc. but operates as a separate organization concentrating on electronic payments routing and security technology. Visa Europe members issue payment cards, acquire retailers and determine cardholder and retailer fees.
Visa Europe plans to open another innovation hub in Berlin this year.