Rewire raises $30m to build out neobank for migrants

Rewire raises $30m to build out neobank for migrants

Israeli fintech Rewire, which has developed a cross-border international banking service for migrant workers, has closed a $20 million Series B funding round led by OurCrowd.

Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba, joined the round for Rewire, which has also secured a "significant" line of credit.

The funding comes soon after Rewire was granted an EU Electronic Money Institution license, enabling it to issue electronic money, provide payment services, and engage in money remittance.

The company already offers remittance services, a payment account, and debit card but now plans to add bill payments and insurance, credit and loan services, investments, and savings to reate a complete platform for migrants.

With the funding in place, Rewire will look to accelerate growth, building on a 2020 which saw it triple its customer base, which is soon set to hit 500,000.

Guy Kashtan, CEO, Rewire, says: "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."

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