Rewire raises $25 million

Rewire, the fintech startup offering international money transfer services to migrants working abroad, has raised $25 million in a new round of funding. Investors include Israeli insurance company Migdal, Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Moneta Capital Partners, Renegade Partners, and others.

The startup, which has around 600k registered users, will use to funds to build out a more comprehensive insurance offering. Today, Rewire works with Igloo to give users family protection coverage in the Philippines and it also offers eligible users up to €5,000 in coverage in cases of accidental death, dismemberment, or paralysis.

“Migrants constitute a major customer base that is at best underserved by existing options and at worst blocked from them and actively discriminated against. Our aim has been to provide inclusive solutions to this population first with cross border financial management and now thanks to this funding in the realm of insurance.” – Guy Kashtan, co-founder and CEO of Rewire.