Israeli Platform For Migrant Workers Acquired For $80M
Rewire, an Israeli startup that helps international workers manage their finances, has been acquired for $80 million.
It has been bought by US company Remitly, a mobile payments service that enables migrants to make person-to-person international money transfers.
“We are thrilled to join the team at Remitly and continue our important mission of making financial systems more inclusive for migrants as we see the community-based approach we have taken to build Rewire as highly complementary to Remitly’s approach,” said Guy Kashtan, CEO and Co-Founder of Rewire.
“We see a huge opportunity as we combine forces to accelerate the adoption of some of the innovative products we have developed to enhance the lives of customers sending money around the world and managing their finances.”
Rewire allows customers to make cross-border money transfers, track expenses, view transaction history and recipient details, and receive accessible support from the company’s multilingual, 7-days-a-week help center through its app.
Customers create an account with which money can be stored to be remitted at any time, and transfers arrive home within one business day.
“From the start, Remitly has focused on delivering trusted digital financial services to serve immigrant communities around the world,” said Matt Oppenheimer, Co-Founder and CEO of Remitly.
“We share with Rewire a deep commitment to our customers and that mission. Peace of mind starts with a trusted means for sending money home for critical costs. Rewire accelerates our progress as together we will continue to bring to market trusted financial services that are inclusive and accessible to all.”
Remitly is a global digital financial services provider for migrants and their families that makes the money transfer process faster and more affordable. Founded in 2011, the company supports money transfers from 28 sending countries to more than 100 receiving countries around the world.
Rewire was founded in 2015, and has offices in Tel Aviv and Amsterdam.