Swedish company Rebtel has raised $8m to develop a digital bank specifically for migrant workers. Led by Balderton Capital and Index Ventures the funding doubles the amount Rebtel has available for the project. CEO Magnus Larson said many migrants did not have the credit history to start their new life and that Rebtel’s service would “ease the barriers”. The startup is also working with local authorities in Sweden on an initiative called ‘Migrants’ Bank’, which will allow people who are looking to open up small businesses or set up a business from The bank is expected to launch later this year.
Swedish company Rebtel has raised $8m to develop a digital bank specifically for migrant workers. Led by Balderton Capital and Index Ventures the funding doubles the amount Rebtel has available for the project. CEO Magnus Larson said many migrants did not have the credit history to start their new life and that Rebtel’s service would “ease the barriers”. The company also offers its approximately 500,000 migrant customers unlimited calling to 56 countries for $10 a month together with a job-finding programme. The bank is expected to launch later this year.