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Remitly to acquire Rewire for $80 million

Remitly to acquire Rewire for $80 million

Global remittance outfit Remitly is to acquire Rewire, an Israeli-based financial services platform for migrant workers, for $80 million.

Founded in 2015 with offices in Amsterdam and Tel Aviv, the Rewire app provides migrent workers with money transfer, debit cards, local payment accounts (IBAN), insurance products and the ability to make cross-border bill payments.

Josh Hug, co-founder and COO, Remitly, explains the rationale for the deal: “Rewire’s product team has focused on solving complementary problems remittance customers have, and we look forward to partnering with them to deepen Remitly’s customer relationships by solving these problems in a high-quality way.”

He adds that Rewire's remittance corridor is geographically complementary to Remitly.

The transaction is expected to close in the second half of 2022. The $80 million consideration includes cash and stock.

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