Israeli-based Remitly Global, a global digital financial services provider for immigrants and their families, has acquired Rewire, an Israeli-based financial services platform for migrant workers.
The $80m price tag was a mix cash and stock.
Founded in 2015 with offices in Amsterdam and Tel Aviv, Rewire’s remittance platform builds customer relationships and is geographically complementary to Remitly. Rewire’s customers create an account with which money can be stored to be remitted at any time.
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“From the start, Remitly has focused on delivering trusted digital financial services to serve immigrant communities around the world,” said Matt Oppenheimer, Co-Founder and CEO, Remitly. “We share with Rewire a deep commitment to our customers and that mission. Peace of mind starts with a trusted means for sending money home for critical costs. Rewire accelerates our progress as together we will continue to bring to market trusted financial services that are inclusive and accessible to all.”
“Rewire’s product enhances Remitly’s world-class remittance platform to support our shared mission to transform the lives of our customers,” said Josh Hug, Co-Founder and Chief Operating Officer, Remitly. “Rewire’s product team has focused on solving complementary problems remittance customers have, and we look forward to partnering with them to deepen Remitly’s customer relationships by solving these problems in a high-quality way.”
“We are thrilled to join the team at Remitly and continue our important mission of making financial systems more inclusive for migrants as we see the community-based approach we have taken to build Rewire as highly complementary to Remitly’s approach,” said Guy Kashtan, CEO and co-founder of Rewire. “We see a huge opportunity as we combine forces to accelerate the adoption of some of the innovative products we have developed to enhance the lives of customers sending money around the world and managing their finances.”
The transaction is expected to finalise in the second half of 2022. Remitly does not expect material impact on its revenue or adjusted EBITDA outlook this year.