Rewire, a digital banking startup that is targeting cross-border banking services has announced a $20 million Series B funding round. The round was lead by leading global crowdfunding platform OurCrowd and also included a line of credit from an undisclosed bank.
According to a release, Rewire’s mission is to empower migrants with digital financial services. The additional capital will enable the Fintech to enhance its product portfolio and services, as well as its strategic partnerships in various countries.
New investors in the round include Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba, through AME Cloud Ventures. Current investors who participated include Viola Fintech, BNP Paribas through their VC fund Opera Tech Ventures, Moneta Capital, as well as private angel investors.
Rewire recently received an EU Electronic Money Institution license (EMI) from the Dutch Central Bank. Multiple European Fintechs use this license to effectively operate as a digital bank.
Rewire has also been granted an expanded Israeli Financial Asset Service Provider license.
Rewire says it plans to add new services such as bill payments and insurance, in addition to credit and loan services, investments, and savings.
OurCrowd CEO, Jon Medved commented on the round:
“We have been strong supporters of Rewire since inception, investing in the seed round and leading this current round. It is a real pleasure to be proven right about our initial investment thesis, especially when this company is not only producing great results and growing at a very rapid rate, but also helping so many people achieve financial inclusion and get absolutely necessary banking services from a great platform like Rewire.”
Rewire CEO, Guy Kashtan said that at their core, they aim to create financial inclusion:
“Everything that we do at Rewire is aimed to help migrants to build a more financially-secure future for themselves and their families. To do so, we aim to provide services that go beyond traditional banking services such as insurance payments in the migrant’s home country and savings accounts. This investment and licenses are major steps towards fulfilling our company’s vision and will be used for additional expansion of geographies and products.”
Jerry Yang said he was most impressed by Rewire’s understanding of its customers and migrants around the world.
“I look forward to seeing Rewire’s meaningful impact in shaping the future of cross-border banking as this young startup takes on the noble cause of financial inclusion,” said Yang.
Rewire reports having processed $500 million via its platform while tripling its customer base to 500,000 registered users. Rewire says it has penetrated new markets in Europe and the UK, and introduced new cross-border bill payments. Serving dozens of nationalities, Rewire offers its cross-border solution in 8 different languages and a localized app.
Rewire was founded by entrepreneurs Kashtan, Adi Ben Dayan (VP R&D), Saar Yahalom (CTO), and Or Benoz.