Remitly, a global finTech that provides digital remittance solutions, announced Tuesday (Aug. 16) that it has signed a definitive agreement to acquire Rewire, an Israeli-based financial services platform for migrant workers.
Under the terms of the agreement, Remitly will acquire Rewire for approximately $80 million, consisting of a mix of cash and stock. According to the release, Rewire’s remittance platform will complement Remitly’s focus on cross-border payments for migrants.
Rewire customers create an account with which money can be stored to be remitted at any time, an approach designed to provide additional flexibility and convenience to users. The release noted that Rewire’s product development and engineering teams will bolster the “seasoned” Remitly team.
“From the start, Remitly has focused on delivering trusted digital financial services to serve immigrant communities around the world,” said Matt Oppenheimer, co-founder and CEO of Remitly. “We share with Rewire a deep commitment to our customers and that mission. Peace of mind starts with a trusted means for sending money home for critical costs.”
Guy Kashtan, CEO and co-founder of Rewire, added, “We are thrilled to join the team at Remitly and continue our important mission of making financial systems more inclusive for migrants as we see the community-based approach we have taken to build Rewire as highly complementary to Remitly’s approach.”
In June, PYMNTS spoke to Dan Webber, general manager, new products for Remitly, who emphasized that when choosing organizations to partner with, Remitly seeks out alignment on values.
See also: Remitly on Serving Underbanked Populations and Ensuring Shared Alignment With Partners
“I think the most important thing is alignment — on vision, on your customers, on regulatory compliance,” he said. “Having a shared understanding upfront on that makes everything else go a lot easier down the road.”
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