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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.
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