Rewire (company)

Last updated
Rewire by Remitly
Company type Subsidiary
Industry Financial technology
Founded2015;9 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)
  • Adi Ben Dayan (VP Engineering)
ProductsDigital Financial Platform
Services Remittance, money transfer, financial management
Parent Remitly
Website rewire.com

Rewire by Remitly is a digital financial platform operated by the fintech company Remitly in Israel that provides online financial services tailored to migrant workers. The platform provides remittance services for workers to transfer funds back home. 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]

Contents

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.

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 [4] (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. [5] 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.[ citation needed ]

Rewire announced a $25M strategic round of investment in February 2022. [6]

In June 2022, Rewire announced its acquisition of the Israeli prepaid card company Imagen. [7]

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] [8]

Related Research Articles

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">Skrill</span> E-commerce payment business

Skrill is part of Paysafe Limited, a global payments platform. It is one of Paysafe's digital wallet brands and was established in 2001 to offer multiple online payment and money transfer services. Skrill operates in more than 100 countries with the digital wallet offered in more than 40 currencies. The company facilitates multiple payment options including card payments, bank transfers and local payment methods. The funds in a Skrill account can then be used to pay merchants and other Skrill users or converted into cryptocurrency.

<span class="mw-page-title-main">Remittance</span> Money transfer by a foreign worker to their home country

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.

<span class="mw-page-title-main">BNP Paribas Personal Finance UK</span> British financial firm

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

<span class="mw-page-title-main">Payoneer</span> Financial services company

Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.

<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">Stellar (payment network)</span> Cryptocurrency

Stellar, or Stellar Lumens (XLM) is an open-source, decentralized cryptocurrency protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.

"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.

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">Tipalti</span> American financial technology company

Tipalti is a multinational financial technology company headquartered in Foster City, California, with offices in Israel, Amsterdam, London, Plano, Texas; Tbilisi, Georgia; Toronto, and Vancouver, Canada. The company provides accounts payable, procurement, expense management, and global payments automation software for businesses.

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.

Merchantrade Asia (Merchantrade) is a financial service company based in Malaysia. The company's business is centered on international money transfers, foreign currency exchange, wholesale banknotes, digital payment processing and mobile telecommunications. They also introduced microinsurance as part of their service offerings.

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

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

Bitwala is a blockchain banking service, headquartered in Berlin, Germany, that was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015.

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. However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.

Maya, is a Filipino financial services and digital payments company based in Metro Manila, Philippines.

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.

<span class="mw-page-title-main">Grey (company)</span> American financial technology company

Grey, formerly known as Aboki Africa, is a financial technology company headquartered in Delaware, US. Founded in 2020 by Idorenyin Obong and Femi Aghedo during the global pandemic of 2020, the company focuses on creating global financial products for digital nomads. Grey is registered and licensed in Canada by FinTrac and the USA by FinCen and operates in the financial service market. The business model of Grey revolves around offering an online platform that facilitates international transactions and currency exchange for users in countries across Africa, the United States, Europe, and now Latin America and South East Asia

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. ↑ "BNP Paribas strengthens focus on FinTech through Venture Capital - BNP Paribas United Kingdom". United Kingdom. 2022-04-13. Retrieved 2023-01-22.
  5. ↑ Monteiro, Leandra (3 March 2021). "Israeli FinTech Rewire raises $20 million in Series B funding". IBS Intelligence. Retrieved 7 February 2022.
  6. ↑ 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.
  7. ↑ Shulman, Sophie (16 June 2022). "Payments for migrants: Rewire acquires prepaid card provider Imagen". Calcalist . Retrieved 18 June 2022.
  8. ↑ 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.
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.