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Remitly Global has signed a definitive agreement to acquire Rewire, an Israel-based remittance platform for migrant workers.
Remitly acquires Rewire for $80 million
Under the terms of the deal, the acquisition will cost Remitly approximately $80 million in combined cash and stock.
The transaction is expected to close in the second half of 2022, subject to regulatory approvals in Israel and the Netherlands.
Founded in 2015 and with offices in Tel Aviv and Amsterdam, Rewire says it’s a “geographical complement” to Remitly.
Rewire provides accounts for migrant workers where they can store money that can be transferred at any time using the app. Other features include debit cards, local payment accounts (IBAN), insurance products, and cross-border bill payment capabilities.
The Israeli fintech acquired prepaid card provider Imagen in June and raised $25 million in funding in February.
Rewire CEO and co-founder Guy Kashtan said the “community-based approach” the company has taken to build Rewire “is very complementary to Remitly’s approach.”
Founded in 2011, Remitly provides a digital cross-border money transfer app to customers in over 170 countries. Headquartered in Seattle, he has seven offices around the world.
