Israel: Rewire Reinvents Money Transfers for Foreign Workers

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In a world where human mobility is constantly increasing, migrant workers represent a major economic force. According to the World Bank, they send more than $650 billion each year back to their countries of origin, directly contributing to the development of their families and communities. Yet these vital financial flows still face obstacles: high fees, administrative delays, and limited access to traditional banking services. It is precisely this gap that the Israeli fintech company Rewire has set out to bridge.

Founded in 2015 and based in Tel Aviv, Rewire has developed an online banking platform designed specifically for the needs of migrants. Its goal is twofold: to help them manage their personal finances in their host country and to make it quick and secure to send money to their loved ones back home.

Unlike traditional banks, often seen as inaccessible or too costly, Rewire offers an inclusive approach. Through its app, users can open an online account, obtain a Mastercard debit card, pay local or international bills, and transfer money to more than 80 countries. What makes Rewire’s innovation stand out is the personalization of its services: the fintech takes into account the financial habits and cultural backgrounds of different migrant communities. It offers multilingual interfaces, dedicated customer support, and partnerships with local banks in countries of origin to ensure transfers are fast and affordable.

Lowering costs and building trust

One of the main challenges migrant workers face is the cost of money transfers. Traditional intermediaries often charge high fees, cutting into hard-earned income. By leveraging an optimized technological infrastructure, Rewire offers competitive and transparent pricing. Beyond cost, trust plays a crucial role. Many migrants have fallen victim to unreliable informal systems or scams. By being regulated by European financial authorities and applying high security standards, Rewire positions itself as a credible and secure alternative.

A strong social impact

Rewire defines itself not only as a fintech but also as a mission-driven company. Migrants, who often work under precarious conditions and away from their families, need solutions that ease their daily lives. By simplifying access to financial services, Rewire helps strengthen their economic inclusion and autonomy.

“Our goal is not only to make money transfers easier, but to create a full financial ecosystem for migrants,” explains Guy Kashtan, co-founder and CEO of Rewire. The company has developed partnerships with NGOs and local institutions to support migrants in managing their budgets and to give them access to new services such as health insurance and savings plans.

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Rapid growth and committed investors

Rewire has experienced rapid growth in recent years. In 2021, the fintech raised more than $25 million in a funding round led by international investors including OurCrowd and Glilot Capital. These funds enabled the company to expand its product offering, strengthen its presence in Europe and Asia, and continue investing in security and technological innovation. With hundreds of thousands of active users, primarily from Asia, Africa, and Latin America, Rewire has established itself as a major player in financial services for migrants.

Rewire’s model illustrates a broader trend: inclusive finance as a lever for social impact. While traditional banks continue to leave a significant portion of the global population underserved, fintechs like Rewire demonstrate that it is possible to combine profitability with social responsibility.

In a world where international mobility remains a powerful economic and human driver, Rewire embodies a pragmatic and human-centered vision of technology: giving migrants the tools to manage their money easily, wherever they are, and to keep supporting their loved ones across distances.

Caroline Haïat