NEW YORK–(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 fintech, AI and cyber startups. The fund is backed by Bank Leumi, the 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.
The Garage was founded and is managed by Omer Nagar, Eyal Redler and Shay Dan, who previously served in high-ranking positions in the elite IDF intelligence and technology units, bringing with them over 60 years of experience in R&D, technology and strategic global operations.
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 that will enable 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,” said 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 begin working with Valley,” commented The Garage’s 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 the Valley.”
“One of our most important 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.”
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 empowering people and businesses to succeed. Operating numerous convenient branch and commercial banking offices throughout New Jersey, New York, Florida, Alabama, California and Illinois, Valley is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting the needs of our customers . Helping communities grow and prosper is at the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, visit www.valley.com or call our call center at 800-522-4100.
