With a population just under nine million, Israel is home to over 6,000 startups, 2,000 of which were founded in the past decade. It’s no wonder Israel has earned its reputation as “Startup Nation” for developing one of the most advanced and innovative FinTech ecosystems in recent years.

Next to this, a significant number of multinationals have operations there. These include: “Google, Microsoft, Motorola, Facebook, Siemens, Toshiba, Philips, IBM, GE, HP, Intel, Berkshire-Hathaway, J&J, Cisco and Apple.” Perhaps there are so many startups due to the highly educated workforce, and entrepreneurial spirit that extends far beyond tech. To put it in perspective, according to a study by the World Bank, over 60 per cent of the population is enrolled in higher education, with the country home to some of the world’s top universities.

Israel took third place globally for its startup ecosystem.

In the 2020 Startup Ecosystem Ranking from Startupblink, Israel took third place globally for its startup ecosystem (US in first place and UK in second). Other than Israel, the UAE and Turkey were the only other MEA countries included in the top 50. A few prominent tech/FinTech unicorns have come from Israel. In last year alone, there were fifteen Israeli-founded tech companies to join the unicorn. “With respect to fintech, some of the most famous unicorns that are Israeli/Israeli founded are eToro, Lemonade, Rapyd and Payoneer, which the ladder is planning to go public and be listed on the Nasdaq Stock Exchange in New York City.” Though small, Israel has proved its ability to innovate just as well, if not better, than more densely populated countries. Let’s see what other unicorns come from this tiny nation!

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