Tel Aviv, Israel, December 30th, 2016 /– News release by Moneta Seeds Ltd.
Moneta Seeds announced today the closing of its investment in Rewire, an Israeli startup, that has developed an advanced technology platform for the international remittance industry.
Rewire (www.rewire.to), is a digital mobile banking platform used to facilitate international cash remittance at a higher speed and a much lower costs than those offered by incumbent players (i.e. Banks, Western union). Using Rewire, Foreign workers or any other un-banked users can easily load cash in one country and remit it to selected receiving countries at a fraction of the cost and complexity of any rival service.
The company’s platform is based on Block Chain architecture to support international transactions real-time settlement at favorable foreign exchange rates. The product is already in use by Thousands of people who are transacting millions of dollars safely on various international corridors.
About the Market: In a nut shell, the ww remittance market size is estimated by the world’s bank at $660 Billions/Annum. In this market, 10% of fees charged by most incumbent remittance providers represent $66B per yearand the world’s bank is making every effort to cut these fees down, a move which is expected to translate to a huge saving to those who cannot afford it – foreign workers.
As part of the investment, Moneta manager – Adoram Gaash, has joined the Board of Directors.
Moneta Seeds is Venture Capital firms that invests in Financial Technology (Fintech) startups and help them become successful companies. We specialize in Banking, Financial Services & Insurance (BFSI) technology and support our ventures across all stages of their capital development. Moneta’s added value is manifested by major Strategic Partnerships with world leading Banks and Insurance firms who are co-investing with the fund and support its portfolio.