Rewire is returning to OurCrowd to enable smaller investors to participate in its next funding round.
Last year, OurCrowd listed (and led) Rewire’s Series B round for $20 million. At that time, the funding also included a line of credit from a bank partner.
Founded in Israel in 2015, Rewire is a neobank offering services in multiple markets including Europe – including the UK, Asia (including India) plus other markets. In late 2020, Rewire acquired a European Electronic Money License (EMI) – a key variable for the Fintech to provide services in Europe. Many European neobanks provide services under the EMI license.
When Rewire raised its Series B, CEO, Guy Kashtan said they are on a mission 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.”
According to the offering page, Rewire targets traditionally underbanked migrant workers, a market of around 270 million migrants that send over $589B to their home countries every year.
“Rewire solves two urgent problems for migrant workers: it provides them with a way to store and use digital cash, eliminating the need and risk of keeping large amounts of cash on hand, and a convenient and low-cost way to send earnings to family in their home countries. Rewire provides customers with a free debit card that features no annual fees, no ATM withdrawal charges, and very attractive exchange rates. Customers receive a European IBAN account, giving them access to additional international financial services, including direct deposit of salaries.”
The digital platform aims to provide lower fees than competitors along with superior service. For anyone that has migrated to another country you probably know how challenging it can be to open a traditional bank account. Rewire can be an expedited path to becoming banked while providing important financial services that everyone needs.
OurCrowd does not display deal terms on their offering pages. So if you are interested (and an accredited investor) you must create an account to learn more about the deal.
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