Founded in 2015, Rewire provides digital banking services for migrant workers, digital nomads, and other expatriates. The market for financial services for migrant workers is estimated to be at least $1 trillion. The initial service offering was cross-border remittances, focusing on a combination of low fees and an easy-to-use smartphone user interface. The company’s service offering will be expanding in the short-term to include savings accounts and credit, and the company aims to expand further in 2021 to provide bill payments and insurance.
Rewire has strategic partnerships with Standard Bank, Africa’s largest bank, which is also a co-investor. BNP Paribas is also a co-investor.
Key Financial Highlights:
KPIs have grown rapidly each year by more than 100%, including growth in registered customers to 200,000 and active users to 50,000. Annualized revenue and remittance volumes have also accelerated as a result of COVID, driven by a rapidly increasing digitization among migrants.
Annualized revenue, which reached $7.4M in March, hit $17M in August, surpassing the company’s $15M target for 2020. The company expects annualized revenue to reach $30M and $60M in 2021 and 2022, respectively.
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Company website: https://www.rewire.com/