Rewire, a fintech startup that develops cross-border online banking services tailored for the needs of expatriate workers worldwide, recently announced a Series B funding round of $20 million and a significant line of credit from a leading bank.
The funding round further builds on the firm’s explosive 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 230,000 users originally from China, the Philippines, India, and Thailand.
The firm’s userbase continues to grow rapidly, with users from the Philippines and Thailand growing at 300% year-on-year. Similarly, the number of users originally from India is growing at 350%, while the pool of users originally from China is growing at 1000% year-on-year.
Rewire was founded with the vision to empower every migrant to fulfill their financial potential for a better future, for themselves and their families.
The current round of funding will enable the fintech startup to continue enhancing its product portfolio and services, as well as its strategic partnerships in the migrant’s country of origin and the country in which they currently reside.
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 has recently secured its EU Electronic Money Institution license (EMI), granted by the Dutch Central Bank, which allows the fintech startup to (I) issue electronic money, (II) provide payment services, and (III) engage in money remittance.
Rewire was also granted an expanded Israeli Financial Asset Service Provider. Acquiring these licenses is another major step for the fintech startup in its mission to provide secure and accessible financial services for migrant workers worldwide. – EventsNewsAsia.com