As an investor, it’s crucial to know that alongside a solid business plan there’s a wider view of social impact. “I was most impressed with Rewire’s understanding of its customers and the unique pain points of migrants around the world. Rewire is a Neobank that serves migrants, issuing electronic money and providing payment services while aiming to provide affordable financial services to its 230,000 users originally from Asian countries.
“These investments and licenses are major steps toward fulfilling our company’s vision and will be used for the additional expansion of geographies and products,” said Rewire CEO Guy Kashtan. Other participants in the round include former Yahoo CEO Jerry Yang, as well as Renegade Partners, Glilot Capital Partners and BNP Paribas.
FINACLE JOBS IN MIDDLE EAST SERIES
Israel-based Rewire has announced it has raised $20 million in a Series B funding round led by OurCrowd, an investment platform. Something that we are very proud to be playing a part of.” Through diligent regulation, this is a once-in-a-lifetime moment for MENA to gain a leading position in the global fintech arena. With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional fintech sector. The company enables fintechs and financial services providers to access the financial data of their customers from banks through its open banking APIs.Ībdulla Almoayed, the founder and CEO of Tarabut Gateway, said, “The Open Banking industry is a catalyst for transforming the way banks and fintechs in the region interact with one another. Tarabut Gateway was first founded in 2017 in Bahrain, before recently expanding to the United Arab Emirates (UAE). Tarabut Gateway will use the funding to develop its product offerings and support regional expansion and growth. The round was led by Berlin-based Target Global, as well as Kingsway, Entrée Capital, CE Ventures and Zamil Investment Group, amongst others. Open Banking Platform Tarabut Gateway has raised $13 million, in what it claims to be the largest fintech seed round in MENA history. Here are some of the top fintech funding rounds that have happened recently in the Middle East: Many fintechs have seen higher uptake due to the world moving online, and some were even founded last year in the midst of global uncertainty. Though the global pandemic has affected industries across the world, the fintech sectors globally have also been able to take advantage of the opportunity it presents in terms of digital transformation of the finance industry. With 2021 almost officially a quarter of the way through, there have been some major funding announcements from fintechs in the Middle East these past few months.
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