Rewire, a cross-border banking platform for migrant Filipinos and Thais, scores funding
Rewire, an Amsterdam-based fintech startup which has developed an international banking platform for migrants in partnership with leading banks globally, has raised US$12 million in Series A round of financing, led by cross-stage venture fund Viola Fintech, a venture fund owned by Israeli tech firm Viola.
New and existing investors, including BNP Paribas (through its VC fund Opera Tech Ventures), besides OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon Vaidman and strategic partner Standard Bank of South Africa, also joined the round.
A portion of the investment will be used 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, the funding will be allocated towards extending and strengthening partnerships with local banks in origin countries, such as the Philippines, India and Thailand.
Founded by Guy Kashtan, Saar Yahalom, Or Ben-Oz and Adi Ben-Dayan, Rewire provides an international banking platform for migrant workers, who usually transfer most of their income to their countries of origin. Its 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.
Rewire currently operates in partnership with Standard Bank of South Africa (SBSA), the largest bank in Africa and present in 20 countries in which most of their residents migrate to Europe with work visas. As part of this cooperation, the bank services are integrated to Rewire’s solution and allows the company to provide their European customers global international accounts. Rewire is expanding to serve customers from other countries in Asia and Africa.
The firm serves migrant communities living in Europe with an emphasis on Filipinos, Indians and Nigerians, and also Thai, Nepalese and Sri Lankans.
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 of Rewire 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 of 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,” Kashtan added.
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.