Valley National Bancorp invests $25 million in a FinTech-oriented Israeli VC

By Edlyn Cardoza

Valley National Bancorp recently announced a $25 million investment in The Garage, a venture capital fund that builds and invests in early-stage FinTech, AI and cyber startups. The fund is backed by Bank Leumi, a leading bank in Israel, and by BRM Group, an experienced Israel-based family office with a proven track record that started with its first investment in Check-Point in 1993.

Founded in 1927 and considered one of the premier regional banking organizations in the US, Valley has made a strategic investment in The Garage to support the bank’s digital transformation efforts while providing the growing number of Israeli FinTech startups with a fast track to the US market . Following the unique model built in Israel by The Garage with Bank Leumi, Valley intends to form a designated team within the bank, enabling The Garage’s portfolio companies to quickly and efficiently integrate into Valley’s systems.

“Innovation plays a critical role in everything we build at Valley,” noted Valley’s Chief Product Officer Stuart Cook. “Our aim is to challenge the traditional approach to banking by operating at the forefront of technology and innovation. We have found a partner in The Garage to lead this venture and radically change the financial services landscape forever by taking on the world’s biggest challenges in fintech, AI and cyber. Together with The Garage, we will be able to bring the vision of these ambitious startups to life by accelerating their access to the US market and providing the banking solutions they need to succeed.”

“We are excited to start working with Valley,” commented THan Garage CEO Omer Nagar. “This is another important milestone in The Garage’s plan to provide Israeli tier-1 entrepreneurs with a one-stop-shop to take them from the initial investment to a game-changing design partnership with Bank Leumi, and all the way to the heart of the US market in Valley.”

“One of our key strategic goals is to ensure long-term relevance in an ever-changing banking environment,” said Valley CEO Ira Robbins. “The Garage was the best partner to help us achieve this goal. Their vision, coupled 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.”