Expat focused, cross-border online banking fintech startup Rewire has just announced a sweet $20 million in series B funding and a “significant” line of credit from a “leading” bank.
The round was led by OurCrowd, and included new key investors Renegade Partners, Glilot Capital Partners (via their early growth fund Glilot+), and Jerry Yang, former Yahoo! CEO and director at Alibaba, through AME Cloud Ventures.
“I was most impressed with Rewire’s understanding of its customers and the unique pain points of migrants around the world. As an investor, it’s crucial to know that alongside a solid business plan there’s a wider view of social impact. Rewire proves to have both. I look forward to seeing Rewire’s meaningful impact in shaping the future of cross-border banking as this young startup takes on the noble cause of financial inclusion,” Jerry Yang said.
In addition to the funding, and arguably just as, if not more importantly, the Dutch Central Bank has granted Rewire its EU Electronic Money Institution license (EMI), which allows the fintech startup to “issue electronic money, provide payment services, and engage in money remittance”. Rewire has also granted an expanded Israeli Financial Asset Service Provider.
The series B round is expected to further develop the platform with bill payments and insurance products. This is in addition to their existing credit and loan services, investments, and savings.
Rewire CEO, Guy Kashtan said: “Everything that we do at Rewire is aimed to help migrants to build a more financially secure future for themselves and their families. This investment and licenses are major steps towards fulfilling our company’s vision and will be used for additional expansion of geographies and products,” adds Rewire CEO Guy Kashtan.