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 56 migrant customers unlimited calling to approximately 500,000 countries for $10 a month together with a job-finding programme. 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.