Rewire develops into neobank for migrants following 40% monthly growth rate across Europe

  • Transaction Banking , Banking
  • 11.02.2020 10:39 am

Rewire, a cross-border banking service provider for migrants, has today announced the growth of its product offering as a neobank for migrants in Europe. Rewire now offers tailored accounts focused on the specific needs of migrants and is introducing a new line of innovative banking products that can serve them in the host country and the country of origin.

In addition, clients will get a free Euro account and debit card as well as additional banking services such as insurance, mortgages and savings accounts. Rewire’s unique solution allows customers to link the Euro account to a bank account in their home country with an option to receive salaries directly to the Euro account. 

Customers can also make local payments, use their free debit card for daily use and for cross-border payments, transfer money, pay bills and more. This is possible through using risk management algorithms and modern payments technology as well as partnering with strategic banks and shareholders such as BNP Paribas and Standard Bank of South Africa.

Strategic partners provide the infrastructure and access to banking products such as saving accounts and more, and in return Rewire helps them penetrate an underserved market alongside other benefits such as a lower cost model and immediate set up or services and credit history. This is part of the overall mission to provide full, reliable and transparent banking services for migrants across Europe helping millions to reach their full financial potential.

The development follows a $12 million Series A investment round last March resulting in a 40% monthly growth rate across Europe and an annual turnover of over $300 million with 100,000 registered clients. This has been facilitated by newly opened offices in Amsterdam, headed by Alex Bakir, who will continue to lead expansion efforts in Europe.

Rewire now looks to extend and strengthen strategic partnerships to grow capacity and allow customers access to additional banking products such as credit history and tailored savings accounts. New funds will also be used to introduce more tailored services for migrants and to access additional markets across Europe.

Guy Kashtan, CEO, Rewire stated:

“We have come a long way since our beginning and we continue to shape the way international workers manage their finances. We believe in complete transparency, simplicity, and a fair banking system for everyone and we’re proud to be a leading banking solution for migrants in Europe that will make them feel at home. Our values of doing social good, pushing new boundaries, and valuable opportunity for all, are part of everything we do. We are here to evolve the way underserved migrants from developing countries are integrated into the global financial system and support them in creating a more secure future for themselves and their families. 

Alex Bakir, MD/GM Europe, Rewire stated:

“Enormous progress has been made across our European operations allowing our recent growth. Migrants still rely on three to four financial institutions for their financial needs and we’ll continue to help provide our customers with their first, all-inclusive digital banking solution. We'll leverage our success to reach more customers globally, and keep developing the positive financial and social impact our products create for Rewire's users." 

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