Israeli online migrant workers bank Rewire today announced the completion of a $20 million Series B financing round. The Tel Aviv-based company, which develops cross-border online banking services for expatriate and migrant workers worldwide, also said that it has obtained a significant line of credit from a leading bank.
The financing round was led by OurCrowd, and included new investors Renegade Partners, Glilot Capital Partners and AME Cloud Ventures as well as previous investors Viola Fintech, BNP Paribas through their venture capital fund Opera Tech Ventures, Moneta Capital, and private angel investors.
Rewire's mission is to empower every migrant to fulfill their financial potential for a better future, for themselves and their families. The latest funds will allow Rewire to enhance its product portfolio and services, as well as its strategic partnerships in the migrant’s country of origin and the country in which they currently reside. Rewire plans to introduce value-added services such as bill payments and insurance, in addition to credit and loan services, investments, and savings. Adding these to its existing remittance services, payment account, and debit card, Rewire is able to make its first-rate financial services more accessible to migrants and, thus, include them in financial systems.
Rewire has recently secured its EU Electronic Money Institution license (EMI), granted by the Dutch Central Bank. Rewire was also granted an expanded Israeli Financial Asset Service Provider. Acquiring these licenses is another major step for the fintech startup in its mission to provide secure and accessible financial services for migrant workers worldwide.
Rewire was founded by CEO Guy Kashtan, CTO Saar Yahalom, VP R&D Adi Ben Dayan, and or Benoz.
Kashtan said: "At our core, we aim to create financial inclusion. Everything that we do at Rewire is aimed to help migrants to build a more financially secure future for themselves and their families. To do so, we aim to provide services that go beyond traditional banking services such as insurance payments in the migrant’s home country and savings accounts. This investment and licenses are major steps towards fulfilling our company’s vision and will be used for additional expansion of geographies and products."
In 2020, Rewire processed $20 million through its systems, and tripled its customer base in and will soon reach 500,000 registered users, with 40% attributed to organic growth. Rewire has penetrated new markets in Europe and the UK and introduced new cross-border bill payments. Rewire established solid partnerships with prominent financial institutions in multiple countries such as UkrSibbank in Ukraine and mobile wallet enablers in Nigeria and the Philippines. Rewire offers its cross-border solution in eight different languages and a localized app.
Rewire was represented by Advs. Anna Moshe and Lior Baruch from the Pearl Cohen law firm.
Published by Globes, Israel business news - en.globes.co.il - on March 2, 2021
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