Rewire, an Israeli financial services platform for migrant workers, has secured a $25 million strategic investment to bring insurance products to its users.
Rewire started offering insurance in partnership with AIG and Quover to its European users at no additional cost and will now expand this product line to other locations. For this it’s also working with an unnamed pan-Asian insurance company.
The investment round saw participation from Israeli insurance giant Migdal as well as Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Moneta Capital Partners, Renegade Partners, OurCrowd, Yehuda Zisapel, former Yahoo co-founder and CEO Jerry Yang, and additional angel investors.
Rewire says it seeks to “ease financial accessibility” to the 270 million people worldwide who migrate from developing countries for work purposes.
“Migrant workers face unique hurdles when transferring money back to their home countries, often navigating financial bureaucracies in languages and cultures they do not understand and dealing with complicated financial obligations in multiple countries,” the company notes.
“These barriers extend to insurance, as well, where migrants face limited access to coverage, unclear policies, and even discrimination.”
Rewire says it has sustained strong growth through the pandemic, doubling its user base in Europe, increasing its deposit volume by 3.5x, and increasing order values and revenue in the European Union fourfold.
The company was founded in 2015 by entrepreneurs Guy Kashtan (CEO), Adi Ben Dayan (VP R&D), Saar Yahalom (CTO), and Or Benoz.
Last year, Rewire landed $20 million in a Series B funding round, led by OurCrowd. It also told FinTech Futures it targeted one million customers by the end of 2021. This target is yet to be reached as Rewire reports around 600,000 registered users so far.
It manages several online global communities of migrants in Europe who came over from the Philippines, Nigeria, India, Thailand, China, and other countries in Africa and Asia.