Rewire secures $25 million from Migdal Insurance to make insurance accessible to migrants
Summary
Previous investors also participated in the round including the Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Moneta Capital Partners, Renegade Partners, OurCrowd, Yehuda Zisapel of the RAD Group, as well as former Yahoo co-Founder and CEO Jerry Yang and additional angel investors. Rewire is a fintech app designed for migrants that enables them to conduct basic banking activities like money transfers to their families who reside in foreign countries, deposit checks in their working countries, and make payments with debit cards. Following this round, the company will accelerate its entry into other insurtech areas, including providing health insurance plans for migrants in the current countries they reside in, as well as for their families who remain in their native countries, including possible coverage for typhoon damage insurance. Rewire was founded in 2015 by Guy Kashtan (CEO), Adi Ben Dayan (VP R&D), Saar Yahalom (CTO), and Or Benoz. Rewire manages several online global communities for its diverse customer base who have migrated to Europe from countries such as the Philippines, China, India, Thailand, and Nigeria, who provide financial support for their families who reside in their native countries.