Rewire buys Israeli migrant prepaid card specialist

Rewire buys Israeli migrant prepaid card specialist

Rewire, a digital wallet designed for economic migrants, has made its first acquisition, snapping up Imagen, a pre-paid card outfit targeting migrants in Israel. Financial terms were not disclosed.

Imagen operates more than 30,000 active pre-paid MasterCards connected to the Bank of Jerusalem. The company works directly with hundreds of organisations that employ migrant workers and enables employers to pay salaries directly onto the card.

Rewire already provides prepaid cards in the UK and Europe, providing a solution for economic migrants who often struggle to open a bank account when they first arrive in their host country because they have no permanent address or credit history.

The acquisition comes after Rewire - which nearly doubled in size last year to more than 600,000 registered users - signed partnership agreements with value SIM provider Lebara and payments platform Paysafe. The fintech also recently rolled out insurance products in its British and European markets.

Guy Kashtan, CEO, Rewire, says: The pre-paid cards will help us expand our product portfolio in Israel and bring our services in line with what we are already able to offer migrants across the UK and Europe. This is a significant step in our growth, but also in our mission to promote financial inclusion for migrants."

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