Rewire, which claims to be the first digital financial services platform for migrant workers, has entered a partnership agreement with value SIM provider Lebara.
The collaboration should give Rewire access to Lebara’s UK client base, the opportunity to fast-track its growth in the United Kingdom as well as the option to expand operations further into the EU.
Lebara clients in the UK will get access to remittance services supported by Rewire and the company will offer SIM cards powered by Lebara to its users. The partnership gives Lebara customers £5 credit on their Rewire account, 3 fee-free fund transfers and a preferential FX discount on their first remittance payment.
It opens the door in the foreseeable future to various other services offered by Rewire that intend to support financial inclusion for migrant workers. As well as money transfers, the financial services platform provides debit cards, IBAN, insurance and the option to make cross-border bill payments.
The transactions paves the way for Rewire’s European business expansion efforts, when Lebara introduces the service to the rest of its European clients.
Rewire was chosen as Lebara’s preferred financial provider after a competitive process. The Fintech firm impressed with its vision or goal of a holistic migration package that includes communication and financial solutions, and with its core value of making a positive social impact.
Guy Kashtan, co-founder and CEO of Rewire, stated:
“There is great synergy between Lebara and Rewire and our companies share a social purpose. This partnership supports our vision of shaping a holistic migration package tailored to the unique cross-border needs of migrants worldwide.”
Kashtan added:
“Lebara is the go-to SIM provider for our target audience, and this is an unrivalled opportunity to open up our services to the millions of migrants and value-seeking customers that rely on Lebara every day. And it makes perfect sense, as all Rewire’s services are available in the palm of your hand, through the app.”
Ben Dowd, Lebara Group CCO, remarked:
“We’re delighted to be partnering with Rewire. It’s a great opportunity to provide our customers with valuable financial services. Today’s customers are increasingly looking to manage their finances through their phone and by working with Rewire, we can continue to add value and great choice for our customers.”
Rewire is an international player focused on the cross-border financial services industry, serving the underbanked. By offering “fair” access to financial services, the firm is helping narrow international financial gaps and supporting financial inclusion.
The platform is a one-stop-shop that assists migrant workers with managing their finances across borders.
With financial obligations in more than one country, migrants usually have to work with four or five different institutions for their financial requirements. Rewire aims to simplify this and does it in the customer’s native language.