Rewire secures $25m, aims to meet financial needs of migrant workers
By Leandra Monteiro
Rewire, an international financial services platform tailored to the needs of migrant workers, is announcing a $25 million strategic investment. The funding will support the company’s continued expansion of insurance offerings which began with partnerships with AIG and Qover to offer insurance coverage to its users in Europe at no additional cost. The funding will likewise be utilised to develop country-specific offerings exemplified by the platform’s partnership with a pan-Asian insurance company, which enables members to purchase coverage for their family members back home.
With this investment, Rewire will ease financial accessibility to the 270 million people across the world who migrate from developing countries for work purposes. Migrant workers face unique hurdles when transferring money back to their home countries, often navigating financial bureaucracies in languages and cultures they do not understand and dealing with complicated financial obligations in multiple countries. These barriers extend to insurance, as well, where migrants face limited access to coverage, unclear policies and even discrimination.
The round, in which Israeli insurance giant Migdal takes part in, includes participation by Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Glilot Capital Partners, Moneta Capital Partners, Renegade Partners, OurCrowd, Yehuda Zisapel, former Yahoo Co-Founder and CEO Jerry Yang and additional angel investors. The participation comes after the company demonstrated strong sustained growth through the pandemic, doubling its userbase in Europe, increasing deposit volume by 3.5x, and increasing order values and revenue in the EU by 4x. Moreover, Rewire demonstrated astonishing retention rates amidst the growth with 75% of customers returning even after 3 years and the percentage jumping to 85% amongst Filipino customers.
“Migrants constitute a major customer base that is at best underserved by existing options and at worst blocked from them and actively discriminated against,” said Guy Kashtan, Rewire Co-Founder and CEO. “Our aim has been to provide inclusive solutions to this population first with cross border financial management and now thanks to this funding in the realm of insurance. We are immensely proud to have a leading, reputable insurance company such as Migdal by our side as its participation in this strategic round of investment shows faith in Rewire’s vision. Our existing platform has produced incredible results and we look forward to continuing that mission with this new funding by expanding and improving our offering to an even greater number of migrant workers.”
Rewire’s mission and vision for future expansion continues to be aimed at providing inclusive financial services to migrants. Adding access to affordable insurance options that are catered to their needs, streamlining confusing bureaucratic processes, and providing a level of financial safety, supports Rewire’s vision and mission of reducing inequalities worldwide.
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