Rewire (company)

Last updated
Rewire by Remitly
Company typeDigital Financial Platform
Industry Financial technology
Founded2015;9 years ago (2015)
Founders
  • Guy Kashtan
  • Saar Yahalom
  • Adi Ben Dayan
  • Or Benoz
Headquarters
Seattle, WA, USA
,
Israel [1]
Area served
Worldwide
Key people
  • Guy Kashtan (CEO)
  • Adi Ben Dayan (VP Engineering)
Services Money transfer, financial management
Website rewire.com

Rewire by Remitly is a multinational digital financial platform operated by the fintech company Remitly Israel that provides online financial services tailored. The Rewire by Remitly platform was originally built by the Israeli startup Rewire which was founded by Guy Kashtan, Saar Yahalom, Adi Ben Dayan, and Or Benoz. [1] [2] [3] In August 2022 an acquisition agreement was signed between Rewire and leading remittance company Remitly. [3] In January 2023, the deal closed and Rewire officially became part of Remitly, an American fintech company traded on Nasdaq. After the acquisition, the company in Israel was rebranded as Remitly Israel and the financial platform was rebranded as Rewire by Remitly.

Contents

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] In 2023 Remitly Israel was ranked #31 in Dun & Bradstreet’s ‘Best High Tech Companies to Work For” list and in the top 10 ‘Best High Tech Companies Promoting Diversity and Inclusion’ list. [4]

History

Remitly Israel was originally the startup company Rewire which 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 looking to send money to India, Thailand, and China to name a few. Initial investors included Israeli-based groups such as Our Crowd, Viola Fintech and Moneta VC. Additional initial investors included BNP Paribas [5] (Opera Tech) and Standard Bank of South Africa. [2] [3]

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 Quiver. [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]

In August 2022 Rewire announced the signing of a concrete agreement to be acquired by American online remittance service company Remitly which is traded on Nasdaq. The $80 acquisition deal was finalized in January 2023 and Rewire was rebranded as Remitly Israel while the Rewire platform was rebranded as Rewire by Remitly. [3]  

Platform

The Rewire by Remitly platform is offered in twelve different languages. The online financial platform enables immigrants in Israel to send money to their countries of origin. Customers in Israel can issue a salary card (Rewire Card) that is connected to a Bank of Jerusalem account and their Rewire by Remitly account. Employers of immigrants can deposit salaries directly into the salary card. [3] [10]

Awards

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

In 2023 Remitly Israel was ranked #31 in Dun & Bradstreet’s ‘Best High Tech Companies to Work For’ and the top 10 ‘Best High Tech Companies Promoting Diversity and Inclusion’. [4]

Related Research Articles

The Banco Bradesco S.A. is a Brazilian financial services company headquartered in Osasco, in the state of São Paulo, Brazil. It is the third largest banking institution by assets in Brazil and Latin America. It is also one of fifty most valuable banks in the world. The bank is listed at the B3 in São Paulo, where it is part of the Índice Bovespa, in the New York Stock Exchange and in the Madrid Stock Exchange.

<span class="mw-page-title-main">Dubai International Financial Centre</span> Special economic zone in Dubai

The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.

BNP Paribas Personal Finance UK, formerly known as LaSer UK, is a provider of consumer finance. It operates in the UK and in the Republic of Ireland. The company administers credit and loyalty programmes for businesses across multiple sectors, including retail, household, insurance, entertainment and leisure. BNP Paribas Personal Finance manages four million customers and 300 UK partnerships, and in 2016 financed £1.6 billion in credit.

<span class="mw-page-title-main">Kantox</span> Multinational financial technology company

Kantox Ltd is a multinational fintech company that offers Currency Management Automation software for corporate clients. Their software automates the pre-trade, trade, and post-trade stages of the corporate foreign exchange (FX) workflow.

<span class="mw-page-title-main">Fintech</span> Subset of technologies used in finance

Fintech, a clipped compound of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

WorldRemit is a digital cross border remittance business that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.

<span class="mw-page-title-main">Riovic</span> Financial technology company

Riovic Capital Group, or simply Riovic, is a financial technology and investment company that specializes in emerging technologies.

Financial technology is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in the past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and the rise of FinTech in the country

Merchantrade Asia (Merchantrade) is a Money Services Business (MSB), Digital Payment Service, Micro-insurance and Mobile Virtual Network operator (MVNO), based in Malaysia.

<span class="mw-page-title-main">Consorsbank</span>

Consorsbank is a brand of BNP Paribas S.A. Niederlassung Deutschland with its seat in Nürnberg.

International money transfers made by migrant workers and immigrants sending a portion of their earnings to their families in their country of origin are known as remittances. Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. The United States is currently the largest source of international remittances in the world, sending a total of $148 billion in 2017. Mexico received the largest portion of these remittances, accounting for more than $30 billion USD. making the U.S.-Mexico remittance corridor one of the largest in the world. With the exception of the 2008 global financial crisis, remittances sent from the U.S. have been consistently climbing for the past half century. This major increase in remittances can be partially attributed to the larger population of immigrants and migrant workers, as well as to increasing globalization in the financial and money markets. China and India are also major recipients of U.S. remittances, and are the top two recipients of remittances globally.

<span class="mw-page-title-main">PayU</span> Fintech company that provides payment solutions to online merchants.

PayU is a Netherlands-based payment service provider to online merchants. The company was founded in 2002, and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. As of 2018, the service is available in 17 countries. The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies, Tencent.

Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021.

<span class="mw-page-title-main">Solaris (credit institution)</span> German banking-as-a-service credit institution

Solaris SE is a credit institution licensed in Germany, with headquarters in Berlin and branches in London, Paris, Milan, Madrid and Vilnius.

<span class="mw-page-title-main">Brandon Timinsky</span> American entrepreneur and public speaker (born 1991)

Brandon Timinsky is an American entrepreneur and public speaker. Brandon co-founded GasNinjas, a fuel delivery startup acquired by Silicon Valley-based Exajoule. Timinsky's previous projects include a digital agency, social media marketing services, two real estate technology platforms, wearables, and an automotive focused e-commerce business.

<span class="mw-page-title-main">Scripbox</span>

Scripbox is a Bengaluru-based digital wealth management service founded in 2012.

Brex Inc. is an American financial service and technology company that offers business credit cards and cash management accounts to technology companies. Brex cards are business charge cards, which require at least $50,000 in a bank account if professionally invested, if not with $100,000 to open, and cardholders who default won't damage their personal credit or assets. Emigrant Bank issues the Brex cards.

The Mumbai Fintech Hub is an investment platform, which was started by the Government of Maharashtra in the Mumbai Metropolitan Region. It is an initiative by the Government of Maharashtra to promote the fintech ecosystem in the state of Maharashtra.

Airwallex is a multinational financial technology company offering financial services and software as a service (SaaS). Founded in 2015 in Melbourne, Australia and currently based in Singapore, the company is a financial technology platform providing cross-border payments and financial services to businesses through a proprietary banking network and its API. It also provides services and products such as business accounts, expense cards, and payroll, among others. It was Australia's third technology unicorn company overall. With a valuation of US$5.5 billion, as of 2022, the company processed $50 billion in annualized transactions.

Fintech in Australia is the evolving intersection of financial services and advanced technology in the Australian market. It involves innovations in banking, investment, insurance, and personal finance, facilitated by technologies such as blockchain and artificial intelligence.

References

  1. 1 2 3 Orbach, Meir (2 March 2021). "Israel's Rewire raises $20 million to expand financial services to migrant workers". Calcalist . Retrieved 7 February 2022.
  2. 1 2 "Online migrant workers bank Rewire raises $20m". Globes . 2 March 2021. Retrieved 6 February 2022.
  3. 1 2 3 4 5 Orbach, Meir (16 August 2022). "Fintech startup Rewire acquired by Remitly for $80 million". Calcalist. Calcalist . Retrieved 16 August 2022.
  4. 1 2 3 Dun & Bradstreet (24 December 2023). "Best High Tech Companies promoting diversity and inclusion". duns100. Retrieved 24 December 2023.
  5. ↑ "BNP Paribas strengthens focus on FinTech through Venture Capital - BNP Paribas United Kingdom". United Kingdom. 2022-04-13. Retrieved 2023-01-22.
  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
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.