Remitly to acquire Rewire
Remitly, a global digital financial services provider for immigrants and their families, is planning to acquire Rewire, an Israeli-based financial services platform for migrant workers, for approximately $80 million consisting of a mix of cash and stock.
Founded in 2015 with offices in Amsterdam and Tel Aviv, Rewire’s remittance platform offers money transfer services to migrants. The startup has raised $57 million from several investors including Israeli insurer Migdal, and it recently announced a new insurance offering for its users.
“From the start, Remitly has focused on delivering trusted digital financial services to serve immigrant communities around the world. We share with Rewire a deep commitment to our customers and that mission. Peace of mind starts with a trusted means for sending money home for critical costs. Rewire accelerates our progress as together we will continue to bring to market trusted financial services that are inclusive and accessible to all.” – Matt Oppenheimer, co-founder and CEO, Remitly.
“Rewire’s product enhances Remitly’s world-class remittance platform to support our shared mission to transform the lives of our customers. Rewire’s product team has focused on solving complementary problems remittance customers have, and we look forward to partnering with them to deepen Remitly’s customer relationships by solving these problems in a high-quality way.” – Josh Hug, co-founder and COO, Remitly.
“We are thrilled to join the team at Remitly and continue our important mission of making financial systems more inclusive for migrants as we see the community-based approach we have taken to build Rewire as highly complementary to Remitly’s approach. We see a huge opportunity as we combine forces to accelerate the adoption of some of the innovative products we have developed to enhance the lives of customers sending money around the world and managing their finances.” – Guy Kashtan, CEO and co-founder of Rewire.