Rewire, a digital wallet designed for economic migrants, has made its very first acquisition, picking up Imagen, a pre-paid card service provider intended for migrants in Israel.
Financial terms were not shared publicly.
Imagen operates over 30,000 active pre-paid MasterCards that are connected to the Bank of Jerusalem. The firm works with hundreds of organizations that hire migrant workers and allows employers to pay salaries directly onto the card.
Rewire currently offers prepaid cards in the United Kingdom and Europe, providing a solution for economic migrants who tend to struggle to open bank accounts when they arrive in their host nation since they have no permanent address or established credit history.
The acquisition has been made after Rewire, which almost doubled in size this past year to over 600,000 registered users, entered partnership agreements with value SIM provider Lebara and payments fintech Paysafe.
The Fintech firm also recently introduced insurance products in its British and European markets.
Guy Kashtan, CEO, Rewire, said:
“The pre-paid cards will help us expand our product portfolio in Israel and bring our services in line with what we are already able to offer migrants across the UK and Europe. This is a significant step in our growth, but also in our mission to promote financial inclusion for migrants.”
At Rewire, the are “shaping the way international workers manage their finances.”
They are “building the first international borderless banking platform for migrants during their time abroad until their return home to a more secure future.”
They believe “in full transparency, effortlessness and a fair banking system for everyone.”
Their values of “doing social good, pushing new boundaries and a fair opportunity for all is part of everything [they] do from technology to [their] culture.”
Rewire claims that it is “well funded, trusted by tens of thousands of existing customers, rapidly growing and expanding in the fintech industry.”