Remitly closes acquisition of Rewire
Remitly Global, Inc. (NASDAQ:RELY), a leading digital financial services provider, today announced the successful completion of its acquisition of Rewire, an Israeli-based remittance and financial services platform for migrant workers, on January 5, 2023.
“Today marks an exciting milestone as we enter a new phase of Remitly’s journey,” said Matt Oppenheimer, Co-Founder and CEO, Remitly. “We are thrilled for the Rewire team to join Remitly, bringing with them a strong account based remittance product in complementary geographies and a track record of product innovation and execution. Our combined expertise and strategic alignment will serve us well as we continue executing on our vision to transform the lives of immigrants and their families by providing the most trusted financial services on the planet.”
Under the terms of the agreement, announced in August 2022, Remitly acquired Rewire for approximately $80 million consisting of a mix of cash and stock.
Founded in 2015 with offices in Amsterdam and Tel Aviv, Rewire’s remittance platform builds deep 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 a seasoned Remitly team.