Neobank Rewire to add insurance offering

Israel-based neobank Rewire, which provides services for expatriate workers, has raised a $25m strategic investment that it said will allow it to develop insurance products.

According to a report by Crowdfund Insider, Israeli insurance company Migdal participated in the round along with Standard Bank of South Africa, BNP Paribas, Moneta Capital Partners, Renegade Partners, Opera Tech Ventures, Viola Fintech, OurCrown, Yehuda Zisapel, former Yahoo CEO Jerry Yang, and a group of unnamed angel investors.

Formed in 2015, Rewire  provides digital financial tools such as remittance, payment accounts and debit cards for migrants, and is also rolling out plans to add bill payments, insurance, credit and loan services, investments, and savings to its platform, therefore, creating a complete financial platform.

Earlier this month, Rewire partnered with InsurTech Quover and insurer AIG to create a built-in accident insurance product to cover its customers with free plans in 18 countries across Europe. The FinTech also closed a $20m Series B round in 2021.

This latest investment will allow the neobank to expand its insurance offering to customers in other regions it serves. Reports also indicate an unnamed Asian insurance provider is also involved.

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