8.6 C
New York
Saturday, July 4, 2020
Home News Financial marketplace for immigrants? Rewire.

Financial marketplace for immigrants? Rewire.

In Tel Aviv, a neobank built specifically for migrants was founded. It was launched in Europe last summer and now it’s live across the whole Eurozone, helping migrants manage their finances abroad and send money home to regions across Asia and Africa.

Migrants mostly seek a one-stop-shop in which they are able to manage all their finances in just one app. At this moment, they have as many as four accounts to make the transactions to home possible. This is where Rewire comes in.

It offers two major services – banking in Europe (including an account and debit card) and international money transfers to countries such as India, Nigeria, and Kenya.

Related: Bank account for immigrants? Remitly launches it in the US

Co-founder and CEO Guy Kashtan: “Eventually, we want to be the financial marketplace for migrants. Hosts don’t treat migrants like normal customers”

“Hosts don’t treat migrants like normal customers,” says Kashtan, “they assume that migrants don’t want to consume advanced financial services on a regular basis like native customers. It’s a chicken and an egg situation”.

Guy Kashtan (CEO), Adi Ben Dayan (R&D VP), Saar Yahalom (CTO)

As about 100,000 customers use Rewire, it processes approx. $300 million a year. Its revenue comes from money transfer fees, but Kashtan adds that in the next several years money transfers will be free like its basic banking services, as they will be able to charge bank and lending partners fees instead.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Revolut introduces Silver for its EU customers

Since this Tuesday, Revolut customers are able to trade silver in the majority of the European Economic Area (EEA).

TransferWise is set to launch an investment feature as it lands license from FCA

Thriving fintech startup TransferWise has announced that it has secured an FCA license for regulated investment activities. This way it will be able to offer retail investment services in the UK.

Revolut adds American Express to open banking feature

Challenger bank Revolut announced the addition of American Express to its Open Banking feature. This allows Revolut retail customers in the UK to connect their American Express bank account to Revolut.

N26 extends its partnership with TransferWise

TransferWise for Banks and N26 have extended partnership to offer fast, low-cost and transparent international transfers to their customers.