Israel-based cross-border banking service Rewire has secured $12m in a series A round featuring Opera Tech Ventures, an investment fund established by banking firm BNP Paribas.
The round was led by corporate-backed venture capital fund Viola Fintech and included another bank, Standard Bank of South Africa, along with equity crowdfunding platform OurCrowd, VC firm Moneto, and angel investors Yair Tauman, Yaron Lemelbaum and Leon Vaidman.
Founded in 2015, Rewire runs a mobile banking service that can handle accounts, transactions and transfers in multiple countries, allowing migrants working abroad to send remittances back home.
The series A capital will help the company target European markets, augmenting its operations in Germany and Italy as it looks to strengthen its banking partnerships in migrants’ countries of origin. Proceeds will also go to bolstering its headcount by 40%, mainly in research and development.
Dani Tzidon, co-founder and partner at Viola Fintech Fund, has joined Rewire’s board of directors. It had previously received an undisclosed amount of funding from Moneta’s Seeds fund in 2016.