Remitly Announces Completion of Rewire Acquisition

Fazzaco learned that global remittance outfit Remitly has announced the completion of its acquisition of Rewire, an Israeli-based financial services platform for migrant workers, on January 5, 2023.

Under the merger agreement's terms, Remitly acquired Rewire for approximately $80 million consisting of a mix of cash and stock.

Founded in 2015 with offices in Amsterdam and Tel Aviv, the Rewire app provides migrent workers with money transfer, debit cards, local payment accounts (IBAN), insurance products and the ability to make cross-border bill payments.

"Today marks an exciting milestone as we enter a new phase of Remitly's journey," said Matt Oppenheimer, Co-Founder and CEO, Remitly. "We are thrilled for the Rewire team to join Remitly, bringing with them a strong account based remittance product in complementary geographies and a track record of product innovation and execution. Our combined expertise and strategic alignment will serve us well as we continue executing on our vision to transform the lives of immigrants and their families by providing the most trusted financial services on the planet."