Rewire, a Tel Aviv-based company that offers digital payment services to migrant workers, has raised $20 million in a Series B funding round led by venture investing platform OurCrowd.
Renegade Partners, Glilot Capital Partners, AME Cloud Ventures, Viola Fintech, Opera Tech Ventures and Moneta Capital also joined this round, OurCrowd said in a tweet. Some individual angel investors also pitched in, it added.
Rewire was founded in January 2015. The company develops online banking solutions for migrant workers and expats. Some of its first customers began sending money to the Philippines. By March 2016 it had opened channels to transfer money to India and Southeast Asian countries.
In January 2018, Rewire launched its first prepaid international Mastercard. A year later, the company secured $12 million in Series A funding. Around the same time, it opened up to migrants in 21 countries across Europe. By November 2018, it had opened up a channel to China as well.
In 2020, Rewire processed $20 million via its systems and grew its customer base three times to 500,000 registered users. The company is now tapping a number of other countries such as Nigeria, Ukraine and the UK.
OurCrowd, which started in 2013, is now among the most active venture investors in Israel. Its portfolio includes fintech company DailyPay, mobile health platform Sweetch and enterprise software company AppDome.
The venture investor has also put money into US-based pod car developer skyTran Inc. and Indian self-drive car rental firm Zoomcar.