Migrant workers face unique hurdles when transferring money back to their home countries, often navigating financial bureaucracies in languages and cultures they do not understand and dealing with complicated financial obligations in multiple countries. These barriers extend to insurance, as well, where migrants face limited access to coverage, unclear policies and even discrimination.
Tel Aviv and Amsterdam-based financial services platform Rewire is attempting to change this and has raised $25 million funding. The round saw participation from Israeli insurance giant Migdal, Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Moneta Capital Partners, Renegade Partners, OurCrowd, Yehuda Zisapel, former Yahoo Co-Founder and CEO Jerry Yang and additional angel investors.
With this investment, the platform will ease financial accessibility to the 270 million people across the world who migrate from developing countries for work purposes.
The investment will support the company’s continued expansion of insurance offerings which began with partnerships with AIG and Qover to offer insurance coverage to its users in Europe at no additional cost. The funding will be utilised to develop country-specific offerings exemplified by the platform’s partnership with a pan-Asian insurance insurance company, which enables members to purchase coverage for their family members back home.
“Migrants constitute a major customer base that is at best underserved by existing options and at worst blocked from them and actively discriminated against. Our aim has been to provide inclusive solutions to this population first with cross border financial management and now thanks to this funding in the realm of insurance,” said Guy Kashtan, Co-Founder and CEO of Rewire.