Swedish technology company Rebtel has raised $8 million in funding to build a digital bank aimed at migrant workers.
Rebtel will be taking the new injection of $8 million - funded by Balderton Capital and Index Ventures - and combining it with a further $8 million from its existing treasury for its banking endeavor.
Magnus Larson, CEO of Rebtel, says: “When moving to a new country whether it be for work, love, or a new beginning, many migrants don’t have the credit or financial history to get up and running. With the addition of this service, we hope to ease the barriers to migrants success and help them prosper wherever they land."
Rebtel currently offers its 500,000-strong migrant user community global unlimited calling to 56 countries for $10 a month. It also it offers an on-demand job programme in migrant rich regions including Miami and Houston which pays migrants for signups to the Rebtel app.
Although details of the new banking products are scant, the Rebtal bank is expected to make its debut in Q4 2018.