Rewire, a digital wallet that has been created for economic migrants, has purchased pre-paid card company Imagen for an undisclosed fee.
According to Finextra, Imagen – a company that targets migrants in Israel – operates over 30,000 pre-paid Mastercards connected to the Bank of Jerusalem. The company works with hundreds of firms that employ migrant workers and allows employers to pay salaries directly onto the card.
Currently, Rewire already provides prepaid cards in the UK and Europe, which helps to provide a solution for economic migrants who often struggle to open a bank account when they first arrive in their host country as they have no credit history or permanent address.
Rewire CEO Guy Kashtan said, “The pre-paid cards will help us expand our product portfolio in Israel and bring our services in line with what we are already able to offer migrants across the UK and Europe. This is a significant step in our growth, but also in our mission to promote financial inclusion for migrants.”
Indonesian consumer payment platform Flip has secured the second close of its Series B, which brings the round’s total to $100m.
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