US-based remittance processor Remitly has signed a definitive agreement to acquire Israel-based Rewire , a financial services platform for migrant workers. Rewire’s remittance platform builds customer relationships and is geographically complementary to Remitly.

Rewire’s customers create an account with which money can be stored to be remitted at any time. This approach deepens relationships with customers and provides additional flexibility and convenience. Additionally, Rewire’s product development and engineering teams add further capacity and expertise to Remitly’s team.

Rewire’s officials’ stated that they see an opportunity as they combine forces to accelerate the adoption of some of the innovative products they have developed to augment the lives of customers sending money around the world and managing their finances. Remitly’s investments in its global remittance platform are focused on delivering a trusted experience and peace of mind for millions of customers around the world. While the footprint of the platform continues to grow to more than 3,200 corridors, service is localised, allowing families to receive funds in a way that is best for them.

Purchase details The transaction is expected to close in the second half of 2022. The USD 80 million consideration includes cash and stock, subject to customary adjustments. The transaction is subject to the satisfaction of customary closing conditions, including regulatory approval of the applicable Israeli and Dutch authorities.

Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K to be filed by Remitly with the Securities and Exchange Commission. More information on Remitly Remitly is a leading digital financial services provider for immigrants and their families in over 170 countries around the world. Remitly helps immigrants send money home in reliable and transparent manner.

Its digitally native, cross-border remittance app eliminates wait times, complexities, and fees typical of traditional remittance processes. Building on its strong foundation, Remitly is expanding its suite of products to further its mission and transform financial services for immigrants all around the world. Details about Rewire Rewire is a cross-border financial services platform that meets the unique financial needs of migrant workers.

The fintech company was founded by entrepreneurs Guy Kashtan (CEO), Adi Ben Dayan (VP R&D), Saar Yahalom (CTO), and Or Benoz. It provides innovative and accessible financial services through one easy-to-use app including money transfer, debit cards, local payment accounts (IBAN), insurance products and the ability to make cross-border bill payments. By providing fair access to financial services, in the user’s native language, Rewire is helping to narrow global financial gaps, reduce inequality and promote financial inclusion for working migrants.

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