Remitly, a US-based digital payments provider, recently acquired Israel-based payments company Rewire. Established in 2015, Rewire targets migrant workers seeking to transfer money to individuals in their home countries. The firm serves 650,000 people in Europe and Israel with transfers primarily to Africa and Asia.
Since Rewire’s founding, it has raised USD 62 million over five rounds of funding. The firm’s investors include the Turkey-based investment firm Monte Capital and two Israel-based firms, the venture fund Glilot Capital and Viola FinTech, a member of the venture capital firm Viola Group.
Founded in 2001, Remitly is active in 170 countries, “help[ing] immigrants send money home in a safe, reliable and transparent manner.” The firm is listed on the Nasdaq stock exchange and has satellite offices in Ireland, Nicaragua, the Philippines, Poland, Singapore and the UK. As of September 2022, it reported nine-month profit of USD 169 million on transfers totaling USD 7.5 billion for 3.8 million customers.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Remitly press release
https://ir.remitly.com/news-releases/news-release-details/remitly-completes-acquisition-rewire
Remitly homepage
https://www.remitly.com
Remitly financials
https://ir.remitly.com/financial-information/quarterly-results
Rewire homepage
https://www.rewire.com
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