Citi Accelerator News
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Citi Accelerator TLV announces companies taking part in 10th cohort
Citi has announced the start of its 10th cohort of the Citi Accelerator TLV, a program designed to help startups in the fintech, cyber, and data space. The new cohort brings the total number of participants to over 100, with more than $1.3 billion raised since the accelerators launch in 2013. The program aims to assist startups with a fast track into Citi and provide a better understanding of financial institutions globally. The 10th cohort focuses on areas like AI, cybersecurity, insurance, and money laundering. The participants will have access to Citi executives and its global network.
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Citi's Most Promising Israeli Fintech Startups for 2020
Citi accelerator, in collaboration with Israeli Discount bank, Intuit, and Visa, published a list of Israels most promising fintech startups. The list includes startups in various categories related to the fintech industry. Venture capital funds were asked to select the most promising companies in each category. The article highlights the top-ranked startups in each category, such as Rapyd Financial Networks, Trigo Vision, Capitolis, Chargeafter, Lemonade, Silverfort, BioCatch, Guesty, WalkMe, Unbound Tech, and Explorium. The article also mentions the growth of Israels fintech market and the potential for consolidation between fintech and traditional banks. The event took place at Citis fintech innovation lab in Tel Aviv.
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https://www.jpost.com/israel-news/citibanks-israeli-innovation-ensures-bank-stays-ahead-of-rivals-576441
Citi has experienced growth-positive impact from its fintech innovation activities in Israel. The company established its first Fintech Innovation Lab in Tel Aviv in 2011 and has since opened labs in other locations. Citi employs more technologists than bankers in Israel and has opened additional labs focused on big data and security. The banks Citi Accelerator program for Israeli start-ups has assisted 80 companies, who have collectively raised over $650 million in funding. Citi Ventures, the banks global corporate venturing arm, has also opened a branch in Tel Aviv to directly invest in Israeli companies. Citis innovation success in Israel has impressed bank executives and continues to drive growth.
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Israeli Pitch Dark Startup Contest Winner Gets Spot in the Limelight
Avenews-GT, an agricultural produce trading platform that uses blockchain technology, won a startup competition hosted by Citigroup. The competition, called Pitch in the Dark, was held in collaboration with Visa, Israel Discount Bank Ltd., and Nasdaq-listed software company Intuit Inc. Avenews-GT aims to connect industrial buyers directly with farmers and provides management, logistics, and financial tools to smaller sellers. The second-place winner was Ladingo Ltd., which develops a system for optimizing cargo containers, and the third-place winner was EasySend Ltd., which helps businesses turn document-based transactions into digital processes. The competition was held in Tel Aviv and the judges included representatives from Citi, Deutsche Telekom, Arbor Ventures, and other venture capital firms.
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A Look at What Citi's Cooking at Its Citi Innovation Lab Finance Magnates
The Citi Innovation Lab in Tel Aviv, a fintech development center opened by Citibank, has helped startups attract more than $550 million in investment. The accelerator program runs for four months, during which ten startups receive free office services and mentorship from selected people in the Citigroup organization. The center works on a wide range of areas including cybersecurity, fraud detection, capital markets, trading, AI, data analytics, and regulation. The bank is also looking into blockchain technology and its potential applications in trading and finance.
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Funds raised by Citi Accelerator TLV graduates reaches $320m
Startups graduating from the Citi Accelerator in Tel Aviv have raised over $320 million in funding. The accelerator program, which has had 68 startups graduate in seven classes, is now open for registration for its eighth class. The program focuses on fintech, enterprise, customer experience, data, and AI. Some notable graduates include Credifi, PayKey, MyCheck, Splitit, and Minerva Labs. Sling, a graduate of the accelerator, was acquired by Brazilian company Avante. The Citi Accelerator program provides workspace and mentorship from key decision makers at Citi, with the goal of tailoring products to the needs of financial institutions and accessing relevant customers.
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Citi fosters Israeli fintech to meet changing needs of financial sector
Israeli startup Innovative Assessments (IA) has developed software that uses advanced psychometrics for credit scoring. The software assesses creditworthiness based on personal character traits in addition to financial credit scores. IAs solution aims to help banks reach potential clients who do not have traditional credit histories, such as young people or those without bank accounts. The startup is already active in 10 countries and has seen positive results, with high-scoring borrowers having significantly fewer loan defaults. IA was chosen as a top 50 emerging fintech startup by KPMG in 2016. The company is based in the Rehovot Science Park and has joined Citis fintech accelerator program in Tel Aviv.
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