Migrant worker fintech co Rewire raises $12m

Rewire Founders Photo: Arik Sultan

The Israel company has developed a mobile phone banking platform for migrant workers to wire money back home.

Israeli fintech startup Rewire has announced the completion of a $12 million financing round led by Viola FinTech with the participation of French banking group BNP Paribas SA through its venture capital arm Opera Tech Ventures as well as OurCrowd, Moneta Fund and South African bank SBSA. Private investors Prof. Yair Tauman of IDC Herzliya and Yaron Lemelbaum also participated in the round, which brought the amount raised by Rewire to $17 million.

The company, which has developed a mobile phone banking platform for migrant workers to wire money back home, was founded in 2015 by president Or Benoz, CEO Guy Kashtan, VP R&D Adi Ben Dayan, and CTO Saar Yahalom.

Rewire provides services to tens of thousands of migrants working in Israel, mainly from Asia including India, the Philippines, Thailand, China, Sri Lanka as well as Nigeria.

Rewire hopes that the latest financing round will allow it to expand to other countries in Europe. The company also hopes to hire 10 more employees and bring its work force to 55. Rewire also plans signing cooperation agreements with additional banks.

Published by Globes, Israel business news - en.globes.co.il - on March 25, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Rewire Founders Photo: Arik Sultan
Rewire Founders Photo: Arik Sultan
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