Valley National Bancorp invests $25m in fintech-focused VC The Garage
Valley National Bancorp (VNB) has made a $25 million investment in venture capital fund The Garage to support the bank’s digital transformation through the cultivation of Israeli fintech firms.
“One of our key strategic goals is to ensure long-term relevance in a constantly changing banking environment,” says VNB CEO Ira Robbins.
The Garage builds and invests in early-stage start-ups in fintech, artificial intelligence (AI) and cyber.
It’s hoped the investment from VNB will accelerate access to the US market for Israeli start-ups in these industries.
The fund is backed by Israel’s Bank Leumi and BRM Group, an Israel-based family office, and is managed by Omer Nagar, Eyal Redler and Shay Dan.
The Garage CEO Omer Nagar says the partnership forms part of the fund’s plan to provide Israeli tier-1 entrepreneurs a “one-stop shop” to take them from initial investment “all the way to the heart of the US market at Valley”.
Valley National Bank, VNB’s main subsidiary, is a regional bank with approximately $54 billion in assets and operates across New Jersey, New York, Florida, Alabama, California and Illinois.