Viola Fintech leads $12 million round for Rewire and its innovative cross-border international banking platform for Europe-based Asian migrants

Rewire enables Asian communities living and working in Europe to manage their funds seamlessly – paying bills or transferring funds to specific individuals cheaply and effortlessly

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SINGAPORE - Media OutReach - 27 March 2019 - Rewire, a leading innovative fintech company which has
developed an international banking platform for migrants in close partnership
with leading banks globally, today announced a Series A investment round of
$12 million. This latest round, led by venture fund Viola Fintech, is supported
by new and existing investors BNP Paribas through their venture capital fund Opera
Tech Ventures, OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon
Vaidman and strategic partner, Standard Bank of South Africa.

 

Rewire provides an
international banking platform for migrant workers who usually transfer most of
their income to their countries of origin. By partnering with leading banks in
migrants’ countries of origin, Rewire’s innovative technology enables migrants
to deposit money into a digital bank account which can be used locally. They
are also issued a debit card by Rewire and can transfer funds home easily.
Serving tens of thousands of customers and processing hundreds of millions of
dollars a year, Rewire serves migrant communities living in Europe with an emphasis
on Filipinos, Indians and Nigerians, and also Thai, Nepalese and Sri Lankan
migrant communities.

 

Part of
the funding will be earmarked for global expansion and penetration into
additional European markets, complementing existing operations already
implemented in Germany and Italy, where a high concentration of migrants resides.
Additionally, funding will be allocated towards extending and strengthening
partnerships with local banks in origin countries such as the Philippines,
India and Thailand, with the goal of reaching numerous customers.

 

With this new round of
investment, Professor Dani Tzidon, co-founder and partner of Viola Fintech Fund
and former deputy CEO of Bank Leumi has joined the board and will serve
together with board members, Professor Yair Tauman, former director of Bank
Hapoalim, Adoram Gaash, co-founder of Moneta Venture Capital Fund and Oded
Zehavi, former VP at Payoneer and representatives of the company founders.

 

Guy Kashtan, CEO, Rewire stated:

“We believe in creating
a fair digital banking platform accessible for everyone, wherever they may be
in the world. We have seen a surge in global migration in recent years and
identified an opportunity where Rewire can provide an efficient, transparent
and affordable international banking platform for migrants which have
previously been disadvantaged by banking systems. With our vision to support
and fulfil the financial potential of each migrant and their family, this investment
further demonstrates the confidence of leading global financial institutions
that are committed to creating a meaningful change to migrants’ lives in a
short period of time.”

 

Professor Daniel Tzidon,
Co-Founder, Viola Fintech Fund, commented:

“With this being our second
investment to this fund, we continue to express our investment portfolio
beliefs which are based on the principle of Fintegration, meaning cooperation
between financial institutions with fintech companies. This investment reflects
our principle of operation, which directly connects investors in the fund with
the creation of value for the companies in which we invest. Rewire has
succeeded in creating a solution for the target community that greatly needs
this type of resolution, while winning favour with banks and educating them as
to how they can best serve this community and expand their activities.

  

In support of their
European operations, Rewire recently opened offices in Amsterdam. Newly
appointed, Alex Bakir will build the team and lead expansion efforts in Europe.
Rewire currently employs community managers representing migrants in Europe and
is expected to grow their staff by 40% in the next year with a focus on
expanding the R&D team.

 

About Rewire

Rewire provides an
international banking platform for migrant workers who usually transfer most of
their income to their countries of origin. By partnering with leading banks in
migrants’ countries of origin, Rewire’s innovative technology enables migrants
to deposit money into a digital bank account which can be used locally, issued
a debit card by Rewire and transfer funds home. Rewire serves tens of thousands
of returning customers and processes hundreds of millions of dollars a year.
The company manages global communities of migrants with an emphasis on
Nigerians, Filipinos, Indians, and additionally also supports Thai, Nepalese
and Sri Lankan migrants. Founded by entrepreneurs, Guy Kashtan, Saar Yahalom,
Or Ben-Oz and Adi Ben-Dayan, Rewire employs people from diverse backgrounds and
countries. For further information, please visit: https://hello.rewire.to/

Partnership

Rewire currently
operates in partnership with Standard Bank of South Africa (SBSA), the largest
bank in Africa and present in 20 countries in which most of their residents
migrate to Europe with work visas. As part of this cooperation the bank
services are integrated to Rewire’s solution and allows the company to provide
their European customers global international accounts. Rewire is expanding to
serve customers from other countries in Asia and Africa.

About Viola Fintech

Viola FinTech is a $120M
cross-stage venture fund that invests in global FinTech companies alongside
leading venture investors. The fund bridges the gap between the worlds of
financial institutions and innovative startups. The fund brings together
financial institutions and innovative startups to accelerate the modernization
and digitization of financial institutions and support the growth of FinTech
companies. It is part of Viola, largest Tech investment group in Israel with
over $3B AUM.