Israeli fintech firm Rewire has raised $12m in a Series A funding round led by venture fund Viola Fintech.
Viola was joined by Opera Tech Ventures, the venture capital fund of BNP Paribas, OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon Vaidman and Standard Bank.
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A portion of the fresh capital will be used for global expansion and entry into new markets in Europe.
Rewire also plans to use the funding for deepening collaboration with local banks in origin countries.
As part of the deal, Viola co-founder and partner Dani Tzidon will have a seat on Rewire board.
Tzidon noted: “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.
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By GlobalData“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.”
Rewire was set up by Guy Kashtan, Saar Yahalom, Or Ben-Oz and Adi Ben-Dayan.
The firm focuses on Nigerians, Filipinos, Indians, Thai, Nepalese and Sri Lankan migrants.
It offers a cross-border banking platform for migrant workers.
Users can deposit funds into a digital bank account and are offered a debit card.
Migrants can also use Rewire to make fund transfers home.
Recently, the firm launched Amsterdam offices and appointed Alex Bakir to spearhead expansion in Europe.
The firm intends to raise its employee strength by 40% next year.
Emphasis will be placed on the expansion of the R&D team.
Rewire CEO Guy Kashtan said: “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.”
