Israeli fintech Rewire, which has developed a cross-border international banking service for migrant workers, has secured $12 million in a funding round led by Viola Fintech and including contributions from BNP Paribas and strategic banking partner Standard Bank.
Rewire’s technology enables migrants to deposit money into a digital bank account, which comes with a debit card for local needs and a remittance service for transferring funds home.
Part of the Series A capital increase will be earmarked for global expansion and penetration into additional European markets, complementing existing operations already implemented in Germany and Italy. To this end, the firm has opened an office in Amsterdam and appointed Alex Bakir to build the team and lead the expansion effort. Rewire says it intends to grow its workforce by 40% in the next year, with a focus on expanding the R&D team.
Rewire currently operates in partnership with Standard Bank of South Africa, which has a presence in 20 countries in which most of their residents migrate to Europe with work visas. Part of the funding will also be allocated towards extending and strengthening partnerships with local banks in other countries, such as the Philippines, India and Thailand.
Professor Daniel Tzidon, co-founder, Viola Fintech Fund, comments: “With this being our second investment to this fund, we continue to express our investment portfolio beliefs which are based on the principle of fintegration, meaning cooperation between financial institutions with fintech companies. Rewire has succeeded in creating a solution for the target community that greatly needs this type of resolution, while winning favour with banks and educating them as to how they can best serve this community and expand their activities."