One cross-border account, for the core financial needs of migrants; Wages, Mastercard, remittances.
Applicant name: Rewire
Innovation Name: Rewire
Innovation Type: Product
Mission: One cross-border account, for the core financial needs of migrants; Wages, Mastercard, remittances.
Innovation Description: When migrants arrive in a new country, they are underserved by the local banks.
• Rebuild their credit
• Don’t support low volume international transactions.
• Often not accessible in any language
Result: international person must rely on 3-5 different financial institutions, for their overall simple financial needs.
1. Local European bank account to receive their salary
2. No official credit solutions: they would often result in grey-market solutions when credit is needed.
3. Their saving accounts in their home countries in local currency
4. Local remit provider result cash withdraw, time and money waste at risk
By using Rewire, migrants can open a personal IBAN account to receive their salaries at, make local payments, have a prepaid card, manage savings, and send money home instantly – all in one place, at a fraction of a cost.
Status of Innovation: In-market
Innovation Active Since: 10/15/2015
Applicant Type: Private Company
Headquarter City: Tel Aviv
Headquarter Country: Israel
Year Founded: 2015
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
For too long migrants have been underserved by the old world of banking.
Our clients are coming from challenging reality; caregivers, custodians etc. They moved away from their family with a mission – to secure their loved ones better life.
Migrants have to rely on 3-5 different financial institutions, don’t speak the local language. This forces them to use grey-markets, waste time & money, bottom line – it leaves them out of the social economic cycle.
Rewire is the destination for all their financial needs. This is where they open their account to receive their salaries, payments, prepaid card and send money back home. Necessities that many might take for granted.
So far, Rewire has opened more than 15,000 accounts with a turnover of $100M. The market: 200M migrants, currently focusing on Filipinos, Indians and Nigerians in the EU. We are growing mostly by word of mouth.
Our support team is composed of Tagalog & Hindi speakers. By connecting all our customers’ needs in one place, we change their lives and and fulfil our mission.
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
platform, we answer rigorously all of the core financial needs migrants have.
Rewire’s All-in-One approach is what makes us different.
So far, Rewire has more than 15,000 accounts with a turnover of $100M. We are growing significantly on a monthly basis, mostly by word of mouth. 2 out of 3 of our customers refer their friends to use Rewire.
Rewire’s management team experience includes several years in remittances industry and 30 combined years in consumer technologies from Microsoft and other leading companies. Our dedicated support team is composed Tagalog and Hindi speaking employees. By connecting all our customers’ financial needs in one place, we change their lives and fulfil the company’s mission.
Full Name: Noam Izhaki
Role: Head of marketing
Full Name: Guy Kashtan
Role: Co-founder, CEO
Full Name: Or Benoz
Role: Co-founder, President
Pitch desk: https://drive.google.com/file/
Germany website: http://www.rewire.to/de
web app: http://app.rewire.to
israeli website: http://www.rewire.to