Israeli venture group Team8 announced that it is extending its relationship with Deloitte, a professional service firm, in order to facilitate the use and development of innovative technologies for financial services and reduce the risks associated with start-ups through proactive and early engagement with customers. The intent behind the move is to connect Team8’s fintech start-ups with Deloitte and its clients to leverage these new technologies, and to help them understand industry pain points, identify new opportunities, validate solutions and accelerate market access.
Deloitte, through its Catalyst group, works to enhance corporate innovation opportunities for promising start-ups, while Team8 partners with entrepreneurs to build cutting edge fintech companies. As such, this relationship will enable Team8’s fintech start-ups to engage in robust market validation processes and gain broader access to insights on emerging trends, while providing Deloitte’s ecosystem with access to innovative technology and the teams that create it.
“At Deloitte Catalyst, we focus on exploring new and exciting technology domains and getting the word out to our global market,” said Amit Harel, partner and co-leader at Deloitte Catalyst Tel Aviv. “The strong relationship we have with Team8 began with a focus on cybersecurity technologies, and we look forward to continuing the collaboration into fintech.”
Harel added: “We are happy to share that in early 2022, together with Team8, we will launch the first global ‘TaxTech’ report, focusing on disruptions in taxation.”
“Fintech is a complex industry where innovation needs to sit alongside a deep understanding of the business’s domain, regulations, privacy issues and cyber threats,” said Rakefet Russak Aminoach, managing partner at Team8. “Today, it’s not just financial services firms exploring fintech solutions, but also non-financial firms. Both need to be able to access the right combination of financial technology and financial expertise as they grow their offerings. The relationship with Deloitte is a wonderful opportunity for us to engage with these companies in order to share experiences and learnings.”
As part of the extended relationship, Deloitte and Team8 are currently exploring emerging trends and innovative solutions in the tax sector that are largely being driven by fintech companies. The research will culminate in the publication of a joint report that is scheduled for release in the coming months.