Rewire (company)

From Wikipedia, the free encyclopedia
Rewire
TypePrivate company
IndustryFinancial technology
Founded2015; 7 years ago (2015)
Founders
  • Guy Kashtan
  • Saar Yahalom
  • Adi Ben Dayan
  • Or Benoz
Headquarters
Tel Aviv
,
Israel[1]
Area served
Worldwide
Key people
  • Guy Kashtan (CEO)
  • Saar Yahalom (CTO)
ServicesMoney transfer, financial management
Websiterewire.com

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 OurCrowd, Viola Fintech and Moneta VC. Additional initial investors included BNP Paribas (Opera Tech) and Standard Bank of South Africa.[2][3]

In 2019 Rewire expanded into European and UK markets by introducing new local payment accounts (IBAN), debit cards, local money transfers, and cross-border bill payments. In 2020, during Covid-19 lockdowns, Rewire managed to triple its customer base, with 40% attributed to organic growth.[5] To achieve its goals the company has established solid partnerships with prominent financial institutions in multiple countries such as UkrSibbank in Ukraine and digital wallet enablers in the Philippines and Nigeria, as well as the Chinese payment processor giant Alipay to enable its Chinese customers to remit money with ease.[2]

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, 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 Qover.[7] Later that month, Rewire announced a $25M strategic round of investment in which insurance company Migdal participated.[8] This move was made to make insurance accessible to migrants.

In June 2022, Rewire announced its acquisition of the Israeli prepaid card company Imagen.[9]

The Rewire 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][10]

Social good[]

In 2020, Rewire won the FinTech category in the Extreme Tech Challenge (XTC) competition, which draws inspiration from the UN Sustainable Development Goals (SDG), 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.[11]

References[]

  1. ^ Jump up to: a b c Orbach, Meir (2 March 2021). "Israel's Rewire raises $20 million to expand financial services to migrant workers". Calcalist. Retrieved 7 February 2022.
  2. ^ Jump up to: a b c d "Online migrant workers bank Rewire raises $20m". Globes. 2 March 2021. Retrieved 6 February 2022.
  3. ^ Jump up to: a b c TOTH STUB, SARA (8 November 2020). "Israeli banking service app helps migrant workers manage their money". The Times of Israel. Retrieved 6 February 2022.
  4. ^ "World-Changing Startups Set to Face Off in XTC Global Finals". Extreme Tech Challenge. 2020-06-30. Retrieved 2022-02-07.
  5. ^ "Israel Expat Neobank Rewire Raises $20 Million in Series B Funding Round". Fintech Schweiz Digital Finance News - FintechNewsCH. 2021-03-03. Retrieved 2022-02-07.
  6. ^ Monteiro, Leandra (3 March 2021). "Israeli FinTech Rewire raises $20 million in Series B funding". IBS Intelligence. Retrieved 7 February 2022.
  7. ^ "FinTech Rewire promotes financial inclusion for migrants in Europe through insurance with Qover and AIG™". Fintech Finance. 2022-02-01. Retrieved 2022-02-07.
  8. ^ Shulman, Sophie (2022-02-08). "Rewire secures $25 million from Migdal Insurance to make insurance accessible to migrants". CTECH - www.calcalistech.com. Retrieved 2022-04-03.
  9. ^ Shulman, Sophie (16 June 2022). "Payments for migrants: Rewire acquires prepaid card provider Imagen". Calcalist. Retrieved 18 June 2022.
  10. ^ Faridi, Omar (13 February 2020). "Amsterdam's Global Banking Service Provider Rewire Is Developing Digital Bank for Migrants in Europe". Crowdfund Insider. Retrieved 7 February 2022.
  11. ^ FTWLondon 20210713 1200 Rewire Lightning Talk Guy Kashtan, retrieved 2022-04-03

External links[]

Wikimedia Commons has media related to Rewire.
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