Visa Europe has launched a Visa Europe Collab innovation hub in Israel that allows startups, entrepreneurs and partners to develop products and services that transform the payments experience for consumers.
Initially, Visa Europe Collab will take 20 ideas through its 100-day innovation funnel from initial scoping and qualification, through market testing and design to proof of concept.
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Later, the best validated and commercially viable services will be sent back to the main body of the Visa business and further developed so that they can be launched to Visa member banks, retailers and consumers across Europe.
The design agency Seren, Cass Business School, accelerator Mass Challenge and Terra Venture Capital, have all joined the hub as partners.
Visa Europe Collab in Israel will be headed by Oded Salomy, who will report to David Page, co-creator and innovation partner at Visa Europe Collab.
Additionally, Visa Europe Collab is planning to open innovation hotspots in Berlin later this year.
Page said: "Visa is in a unique position to help Israeli entrepreneurs and startups to develop and scale their ideas. The combination of these things puts Visa Europe Collab in a unique position to offer entrepreneurs with great ideas a means to turn them into commercial reality."
