Company:Rewire
 | |
| Type | Private company |
|---|---|
| Industry | Financial technology |
| Founded | 2015 |
| Founders |
|
| Headquarters | , |
Area served | Worldwide |
Key people | |
| Services | Money transfer, financial management |
| Website | rewire |
Rewire is a multinational fintech company that provides online financial services tailored to the unique needs of millions of migrant foreign workers worldwide. Rewire was founded by CEO Guy Kashtan, CTO Saar Yahalom, VP of R&D Adi Ben Dayan, and Or Benoz.[1][2][3]
In June 2020, Rewire won the FinTech category in the Extreme Tech Challenge (XTC) competition, the world's largest startup competition for purpose-driven companies.[4]
History
Rewire was founded in Israel in 2015 by Guy Kashtan, Saar Yahalom, Adi Ben Dayan, and Or Benoz in response to the growing demand for affordable and accessible financial services of the local foreign worker population. Initially it served the thousands of Filipinos working in Israel as domestic caregivers for the elderly and expanded its services to additional migrant populations such as Indians, Thais, and Chinese to name a few. Initial investors included Israeli-based groups such as Our Crowd, Viola Fintech and Moneta VC. Additional initial investors included BNP Paribas[5] (Opera Tech) and Standard Bank of South Africa.[2][3]
In 2021, the company announced that it had completed a series B funding round of $20 million and also a collaboration with Israel's Bank Hapoalim.[6] New investors joined this round of funding such as Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba,[7] through AME Cloud Ventures.[1] At the same time, the company announced it had secured an EU Electronic Money Institution license (EMI), granted by the Dutch Central Bank, which allows the fintech startup to (I) issue electronic money, (II) provide payment services, and (III) engage in money remittance. Rewire was also granted an expanded Israeli Financial Asset Service Provider.
In February 2022, Rewire announced its partnership with insurance giant AIG and Insurtech company Quiver.[8] Later that month, Rewire announced a $25M strategic round of investment, in which insurance company Migdal participated.[9] This move was made to make insurance accessible to migrants.
In June 2022, Rewire announced its acquisition of the Israeli prepaid card company Imagen.[10]
Platform
The Rewire platform is offered in eight different languages and a localized app.[2] In providing migrants with tailored financial solutions and allowing them to send payments back to their country of origin, features of the platform include a payment account (IBAN), and a debit card payment solution as well as local money transfers, bill payments in the migrant's country of origin, insurances, and more.[3][11]
Awards
In 2020, Rewire won the FinTech category in the Extreme Tech Challenge (XTC) competition, which draws inspiration from the UN Sustainable Development Goals, as it entered under the Reducing Inequalities goal. Rewire follows the idea of a Double Bottom Line, in which a company's value is measured by two bottom lines; conventional fiscal performance and positive social impact.[12]
References
- ↑ 1.0 1.1 1.2 Orbach, Meir (2 March 2021). "Israel's Rewire raises $20 million to expand financial services to migrant workers". Calcalist. https://www.calcalistech.com/ctech/articles/0,7340,L-3896284,00.html.
- ↑ 2.0 2.1 2.2 "Online migrant workers bank Rewire raises $20m". Globes. 2 March 2021. https://en.globes.co.il/en/article-online-migrant-workers-bank-rewire-raises-20m-1001362665.
- ↑ 3.0 3.1 3.2 TOTH STUB, SARA (8 November 2020). "Israeli banking service app helps migrant workers manage their money". The Times of Israel. https://www.timesofisrael.com/spotlight/israeli-banking-service-app-helps-migrant-workers-manage-their-money/.
- ↑ "World-Changing Startups Set to Face Off in XTC Global Finals" (in en-US). 2020-06-30. https://extremetechchallenge.org/news/xtc-2020-finalists/.
- ↑ "BNP Paribas strengthens focus on FinTech through Venture Capital - BNP Paribas United Kingdom" (in en-GB). 2022-04-13. https://www.bnpparibas.co.uk/en/bnp-paribas-strengthens-focus-on-fintech-through-venture-capital/.
- ↑ Monteiro, Leandra (3 March 2021). "Israeli FinTech Rewire raises $20 million in Series B funding". IBS Intelligence. https://ibsintelligence.com/ibsi-news/israeli-fintech-rewire-raises-20-million-in-series-b-funding/.
- ↑ "CricBaba Terms & Conditions" (in en-US). 2022-12-27. https://cric-baba.in/terms-and-conditions/.
- ↑ "FinTech Rewire promotes financial inclusion for migrants in Europe through insurance with Qover and AIG™" (in en-US). 2022-02-01. https://ffnews.com/newsarticle/fintech-rewire-promotes-financial-inclusion-for-migrants-in-europe-through-insurance-with-qover-and-aig/.
- ↑ Shulman, Sophie (2022-02-08). "Rewire secures $25 million from Migdal Insurance to make insurance accessible to migrants". https://www.calcalistech.com/ctech/articles/0,7340,L-3928991,00.html.
- ↑ Shulman, Sophie (16 June 2022). "Payments for migrants: Rewire acquires prepaid card provider Imagen". Calcalist. https://www.calcalistech.com/ctechnews/article/hhn769bf4.
- ↑ Faridi, Omar (13 February 2020). "Amsterdam's Global Banking Service Provider Rewire Is Developing Digital Bank for Migrants in Europe". Crowdfund Insider. https://www.crowdfundinsider.com/2020/02/157429-amsterdams-global-banking-service-provider-rewire-is-developing-digital-bank-for-migrants-in-europe/.
- ↑ (in en) FTWLondon 20210713 1200 Rewire Lightning Talk Guy Kashtan, https://www.youtube.com/watch?v=q8C6JbdhXg4, retrieved 2022-04-03
External links
- Official website
- FinTech Rewire promotes financial inclusion for migrants in Europe through insurance with Qover and AIG™
Online remittance providers | |
|---|---|
 |
