- Rewire, which is a financial technology company and so-called ‘neobank’ based in Israel, said that it had secured a round of investment from various institutions and figures, including a former Yahoo! boss.
- The firm offers international money transfer services to migrants who are working abroad, and also goes further by offering insurance packages and more.
- A senior figure at the firm said that the company’s goals include increasing financial inclusion as well as providing services such as insurance – just as ‘traditional’ banks may do.
A leading financial technology firm in Israel has confirmed that it has raised tens of millions of dollars as part of its new neobanking offer.
Rewire said that its new neobank service, which is aimed at migrant workers, had raised at least $20m as a result of the funding push.
The funding was led by the investment platform OurCrowd.
A series of other big names on the investment scene also joined in the round.
Firms such as Glilot Capital Partners and Renegade Partners were involved.
Jerry Yang, who used to serve as chief executive officer of Yahoo!, also participated.
In addition to raising the cash, Rewire has also secured the rights to take out extensive loans through a line of credit.
Rewire offers a cross-border payments platform for those who are working abroad.
In a statement to the press, a leading figure at Rewire said that the firm was hoping to increase the range of people who are able to enjoy financial services like these.
Guy Kashtan, who serves as chief executive officer, said that the company’s goal was to help out individuals and their loved ones.
“At our core, we aim to create financial inclusion,” he said.
“Everything that we do at Rewire is aimed to help migrants to build a more financially-secure future for themselves and their families,” he added.
He pointed out that his firm’s offer went far further than simply offering cross-border payments services to its customers as part of this aim.
“To do so, we aim to provide services that go beyond traditional banking services such as insurance payments in the migrant’s home country and savings accounts,” he explained.
The latest funding news for Rewire follows a key development in its European operations.
The firm was given an Electronic Money Institution license by the EU, which means that it now has the right to issue digital money.
It can now also operate its online money transfer services within the bloc.
Overall, the company now intends to use the newly invested cash to speed up its plans for growth.
It saw the size of its customer base go up threefold over the course of last year.
It is believed that the customer levels that the firm sees now stand at around half a million altogether.
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