FinTech Remitly Acquires Rewire for $80 Million
Remitly, a global finTech provider of digital money transfer solutions, announced on Tuesday (August 16) that it has signed a definitive agreement to acquire Rewire, an Israel-based financial services platform for migrant workers.
Under the deal, Remitly will acquire Rewire for approximately $80 million, consisting of a mix of cash and stock. According to the release, Rewire’s remittance platform will complement Remitly’s focus on cross-border payments for migrants.
Rewire customers create an account with which money can be stored to be transferred at any time, an approach designed to provide users with added flexibility and convenience. The release noted that Rewire’s product development and engineering teams will bolster the “experienced” Remitly team.
“From its inception, Remitly has focused on delivering trusted digital financial services to serve immigrant communities around the world,” said Matt Oppenheimer, co-founder and CEO of Remitly. “We share with Rewire a deep commitment to our customers and that mission. Security starts with a reliable way to send money home for critical costs.”
Guy Kashtan, CEO and co-founder of Rewire, added: “We are excited 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.”
In June, PYMNTS spoke with Dan Webber, general manager of new products for Remitly, who emphasized that when Remitly chooses organizations to partner with, Remitly seeks alignment with values.
See also: Remitly on serving underbanked populations and ensuring shared alignment with partners
“I think the most important thing is alignment — on vision, on your customers, on regulatory compliance,” he said. “Having a shared understanding beforehand that makes everything else go much more smoothly down the road.”
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