Fintech Rewire acquires prepaid card provider Imagen

The acquisition is Rewire’s first and means the fintech can now provide prepaid debit cards for migrants in Israel, a service it has already rolled out in its other locations across the UK and Europe. The move comes after Rewire signed partnership agreements with value SIM provider Lebara and payments platform Paysafe. The fintech also recently rolled out insurance products for migrants in its British and European markets.

Rewire’s prepaid card is a solution for economic migrants who may struggle to open a bank account when they first arrive in their host country. With no permanent address or credit history, migrants are left underserved by traditional banks, as per the press release. Through technology and strategic partnerships with key financial institutions, the company is able to bridge this gap and provide financial services that work for migrants’ unique cross-border financial needs.

Imagen currently operates more than 30,000 active prepaid MasterCards connected to the Bank of Jerusalem. It works directly with organisations that employ migrant workers and enables employers to pay salaries directly onto the card. Once money has been loaded onto the card, it can be used in the same way as any other debit card. The acquisition brings Rewire a step closer to its aim of providing a holistic migration package that serves migrants and their families throughout their time overseas.

Imagen’s officials stated that becoming part of the Rewire family made sense for them. Imagen’s solutions are tailored to those who cannot open a conventional bank account, and working migrants make up a large part of our customer base. By integrating their prepaid card into the Rewire portfolio, their existing customers will have augmented access to additional financial services that they may have been excluded from in the past.