Rewire (company)

Rewire by Remitly
Company typeDigital Financial Platform
IndustryFinancial technology
Founded2015; 9 years ago (2015)
Founders
  • Guy Kashtan
  • Saar Yahalom
  • Adi Ben Dayan
  • Or Benoz
Headquarters
Seattle, WA, USA
,
Israel[1]
Area served
Worldwide
Key people
{{hlist|Guy Kashtan (CEO)|Adi Ben Dayan ([[VP Engineering])}}
ServicesMoney transfer, financial management
Website{{URL|rewire.co.il}

Rewire by Remitly is a multinational digital financial platform operated by the fintech company Remitly Israel that provides online financial services tailored to the unique needs of migrant foreign workers and Israeli citizens who send money overseas. 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] 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.

In June 2020, Rewire won the FinTech category in the Extreme Tech Challenge (XTC) competition, the world's largest startup competition for purpose-driven companies.[4] In 2023 Remitly Israel was ranked #31 in Dun & Bradstreet’s ‘Best High Tech Companies to Work For” list and in the top 10 ‘Best High Tech Companies Promoting Diversity and Inclusion’ list.[4]

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[5] (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.[6] New investors joined this round of funding such as Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba,[7] 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.

In February 2022, Rewire announced its partnership with insurance giant AIG and Insurtech company Quiver.[8] Later that month, Rewire announced a $25M strategic round of investment, in which insurance company Migdal participated.[9] This move was made to make insurance accessible to migrants.

In June 2022, Rewire announced its acquisition of the Israeli prepaid card company Imagen.[10]

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][11]

Awards

In 2020, Rewire won the FinTech category in the Extreme Tech Challenge (XTC) competition, which draws inspiration from the UN Sustainable Development Goals, as it entered under the Reducing Inequalities goal. Rewire follows the idea of a Double Bottom Line, in which a company's value is measured by two bottom lines; conventional fiscal performance and positive social impact.[12]

In 2023 Remitly Israel was ranked #31 in Dun & Bradstreet’s ‘Best High Tech Companies to Work For’ and the top 10 ‘Best High Tech Companies Promoting Diversity and Inclusion’.[4]

References

  1. ^ a b c Orbach, Meir (2 March 2021). "Israel's Rewire raises $20 million to expand financial services to migrant workers". Calcalist. Retrieved 7 February 2022.
  2. ^ a b "Online migrant workers bank Rewire raises $20m". Globes. 2 March 2021. Retrieved 6 February 2022.
  3. ^ a b c d e Orbach, Meir (16 August 2022). "Fintech startup Rewire acquired by Remitly for $80 million". Calcalist. Calcalist. Retrieved 16 August 2022.
  4. ^ a b c Dun & Bradstreet (24 December 2023). "Best High Tech Companies promoting diversity and inclusion". duns100. Retrieved 24 December 2023.
  5. ^ "BNP Paribas strengthens focus on FinTech through Venture Capital - BNP Paribas United Kingdom". United Kingdom. 2022-04-13. Retrieved 2023-01-22.
  6. ^ Monteiro, Leandra (3 March 2021). "Israeli FinTech Rewire raises $20 million in Series B funding". IBS Intelligence. Retrieved 7 February 2022.
  7. ^ "CricBaba Terms & Conditions". cric-baba.in. 2022-12-27. Retrieved 2023-01-22.
  8. ^ "FinTech Rewire promotes financial inclusion for migrants in Europe through insurance with Qover and AIG™". Fintech Finance. 2022-02-01. Retrieved 2022-02-07.
  9. ^ 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.
  10. ^ Shulman, Sophie (16 June 2022). "Payments for migrants: Rewire acquires prepaid card provider Imagen". Calcalist. Retrieved 18 June 2022.
  11. ^ 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.
  12. ^ FTWLondon 20210713 1200 Rewire Lightning Talk Guy Kashtan, retrieved 2022-04-03

External links

Wikimedia Commons has media related to Rewire.
  • Official website
  • FinTech Rewire promotes financial inclusion for migrants in Europe through insurance with Qover and AIG™
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