Israeli neobank raises $20m for expat cross-border services in Asia
Rewire, a Tel Aviv-based neobank, has raised more than $20m in funding for an expansion of its financial services app tailored to the needs of expatriate workers across Asia.
The fintech start-up, which specialises in cross-border online banking services said the Series B funding round of $20m will consolidate its growth in South-East Asia, in particular.
The funding effort, which was led by OurCrowd, attracted investments from Jerry Yang, the former Yahoo! CEO and director at Alibaba, among others.
This company is not only producing great results and growing at a very rapid rate, but also helping so many people achieve financial inclusion and get absolutely necessary banking services from a great platform."
Rewire reported it now has counts 230,000 users from China, the Philippines, India and Thailand. Its Philippines and Thailand userbase is growing at 300% YoY, the firm said, with its Indian market expanding by 350% since 2019.
Guy Kashtan, Rewire's CEO, said: "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."
"To do so, we aim to provide services that go beyond traditional banking services such as insurance payments in the migrant's home country and savings accounts. This investment and licenses are major steps towards fulfilling our company's vision and will be used for additional expansion of geographies and products."
In a statement Jon Medved, OurCrowd CEO, said: "We have been strong supporters of Rewire since inception, investing in the seed round and leading this current round."
Medved added: "It is a real pleasure to be proven right about our initial investment thesis, especially when this company is not only producing great results and growing at a very rapid rate, but also helping so many people achieve financial inclusion and get absolutely necessary banking services from a great platform like Rewire."
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