Remitly Global has struck a deal to acquire Rewire, an Israel-based financial services platform provider for migrant workers.
The deal, a mix of cash and stock and worth approximately $80 million, is subject to Israeli and Dutch regulatory approval, with Remitly aiming to close in the second half of 2022.
Founded in 2015 with offices in Tel Aviv and Amsterdam, Rewire’s remittance platform “builds deep customer relationships and is geographically complementary to Remitly”, which serves the same set of customers.
Rewire’s customers create an account with which money can be stored to be remitted at any time. This approach deepens relationships with customers and provides additional flexibility and convenience. Additionally, Rewire’s product development and engineering teams add further capacity and expertise to a seasoned Remitly team.
Commenting on the acquisition, Matt Oppenheimer, co-founder and chief executive officer at Remitly, said: “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.”
Guy Kashtan, chief executive officer and co-founder of Rewire, commented: “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.”