Rewire enables Asian communities living and working in Europe to manage their funds seamlessly – paying bills or transferring funds to specific individuals cheaply and effortlessly
SINGAPORE – Media OutReach – 27 March 2019 – Rewire, a leading innovative fintech company which has developed an international banking platform for migrants in close partnership with leading banks globally, today announced a Series A investment round of $12 million. This latest round, led by venture fund Viola Fintech, is supported by new and existing investors BNP Paribas through their venture capital fund Opera Tech Ventures, OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon Vaidman and strategic partner, Standard Bank of South Africa.
Rewire provides an international banking platform for migrant workers who usually transfer most of their income to their countries of origin. By partnering with leading banks in migrants’ countries of origin, Rewire’s innovative technology enables migrants to deposit money into a digital bank account which can be used locally. They are also issued a debit card by Rewire and can transfer funds home easily. Serving tens of thousands of customers and processing hundreds of millions of dollars a year, Rewire serves migrant communities living in Europe with an emphasis on Filipinos, Indians and Nigerians, and also Thai, Nepalese and Sri Lankan migrant communities.
Part of the funding will be earmarked for global expansion and penetration into additional European markets, complementing existing operations already implemented in Germany and Italy, where a high concentration of migrants resides. Additionally, funding will be allocated towards extending and strengthening partnerships with local banks in origin countries such as the Philippines, India and Thailand, with the goal of reaching numerous customers.
With this new round of investment, Professor Dani Tzidon, co-founder and partner of Viola Fintech Fund and former deputy CEO of Bank Leumi has joined the board and will serve together with board members, Professor Yair Tauman, former director of Bank Hapoalim, Adoram Gaash, co-founder of Moneta Venture Capital Fund and Oded Zehavi, former VP at Payoneer and representatives of the company founders.
Guy Kashtan, CEO, Rewire stated:
“We believe in creating a fair digital banking platform accessible for everyone, wherever they may be in the world. We have seen a surge in global migration in recent years and identified an opportunity where Rewire can provide an efficient, transparent and affordable international banking platform for migrants which have previously been disadvantaged by banking systems. With our vision to support and fulfil the financial potential of each migrant and their family, this investment further demonstrates the confidence of leading global financial institutions that are committed to creating a meaningful change to migrants’ lives in a short period of time.”
Professor Daniel Tzidon, Co-Founder, Viola Fintech Fund, commented:
“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. This investment reflects our principle of operation, which directly connects investors in the fund with the creation of value for the companies in which we invest. 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.
In support of their European operations, Rewire recently opened offices in Amsterdam. Newly appointed, Alex Bakir will build the team and lead expansion efforts in Europe. Rewire currently employs community managers representing migrants in Europe and is expected to grow their staff by 40% in the next year with a focus on expanding the R&D team.