Israeli FinTech Rewire raises $20 million in Series B funding
By Leandra Monteiro
Tel Aviv-based FinTech company Rewire, announced today that it has completed a $20 million series B funding round. The round was led by OurCrowd and included new key investors Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba, through AME Cloud Ventures. They were joined by current investors including Viola FinTech, BNP Paribas through their venture capital fund Opera Tech Ventures, Moneta Capital, and private angel investors.
Furthermore to the funding round, Rewire also announced a collaboration with Israel’s Bank Hapoalim. The bank will provide the FinTech company with a $10 million line of credit to finance the company’s growth. Rewire is a FinTech company known for developing a mobile banking platform for international cash transfers tailored for the needs of expatriate workers.
The COVID-19 pandemic boosted the growth of many FinTech companies and Rewire was no different. “The Covid-19 crisis posed difficult challenges to the expat community in Israel and all over the world,” said Guy Kashtan, Rewire’s co-founder and CEO according to media reports. “Migrant workers were used to working with cash, withdrawing everything they earned. The quarantines and lockdowns prevented them from doing that, so many of them made a quick transition to digital. Over a very short period of time, we were required to double our customer support team, which is made up of 35 employees from all nationalities that reflects our clientele. We employ people who come from Thailand, China, the Philippines, Nigeria, Sri Lanka, and a range of other countries.”
The funding comes soon after Rewire was granted an EU Electronic Money Institution license, enabling it to issue electronic money, provide payment services, and engage in money remittance in Europe. With the newly raised funds in place, Rewire will look to accelerate growth, building on a 2020 which saw it triple its customer base, which is soon set to hit 500,000.