Rewire to expand product portfolio post $20M fundraise

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SME Times News Bureau | 06 Mar, 2021
Fintech start-up Rewire has raised $20 million in its Series B funding and plans to add more products along with expanding its network geographically with the latest fundraise.

The round, led by OurCrowd, included new key investors Renegade Partners, Glilot Capital Partners, through its early growth fund 'Glilot+' and Jerry Yang, former Yahoo CEO and Director at Alibaba, through AME Cloud Ventures.

They were joined by current investors including Viola Fintech, BNP Paribas through their venture capital fund Opera Tech Ventures, Moneta Capital, and private angel investors.

Rewire CEO, Guy Kashtan said: "This investment and licenses are major steps towards fulfilling our company's vision and will be used for additional expansion of geographies and products."

"At our core, we aim to create financial inclusion. Everything that we do at Rewire is aimed to help migrants to build a more financially secure future for themselves and their families," he said.

The company aims to provide services that go beyond traditional banking services such as insurance payments in the migrant's home country and savings accounts.

The statement said that the funding round further builds on the firm's growth in Southeast Asia. Since launching its services in the region in 2016, Rewire has seen users remit hundreds of millions per year to Asia, and has acquired over 2.30 lakh users from China, the Philippines, India and Thailand.