Swedish technology company, Rebtel has secured $8 million in NEW capital from it’s existing owners – among these Index Ventures and Balderton Capital

Swedish technology company, Rebtel, has secured $8 million in new funding to further expand its ecosystem of resources for modern migrants, adding digital banking services to their existing communication and on-demand work offerings. Rebtel’s mission is to break down the barriers for migrants and ease the process of transitioning and building a life in a new country. Venture Capital funds Balderton Capital and Index Ventures are – together with other existing owners – responsible for the new injection of funding.

“When moving to a new country whether it be for work, love, or a new beginning, many migrants don’t have the credit or financial history to get up and running. With the addition of this service, we hope to ease the barriers to migrants success and help them prosper wherever they land,” says Magnus Larson, CEO of Rebtel.

Rebtel will be taking the new injection of $8 million and combining it with $8 million from its existing treasury totally $16 million for its new banking endevor. The injection of funding will be used to help build the new digital banking offering and bring it to market in Q4 of 2018. While specifics of the rollout are being finalized, the goal is to provide the nearly 50% of unbanked migrants around the world with a trustworthy and easily accessible option that will breakdown the many barriers to beginning a new life in a new country.

On pace to do $100+ million in revenue in 2018, Rebtel has taken its existing successful services and relationships with this growing population and listen to their needs to build the best product possible. Rebtel assesses that 500 000 of it’s actively paying user base today using communications products to call globally would be likely to also use new banking products when launched.

Unlike other new entrants and digital banks, Rebtel has:

• Activists embedded in local communities, that can overcome the trust problem that can come with digital banking
• A target customer segment that is unique from the undifferentiated digital offerings that others are chasing
• An established ecosystem of services which makes digital banking a natural extension for its customers

“Rebtel is a company of 40 different nationalities. We offer today’s migrant community the best and most complete offerings to help them navigate their lives and travels and be successful and connected wherever they land,” says Magnus Larson, CEO of Rebtel.

Currently, Rebtel offers global unlimited calling to 56 countries for $10 a month. In addition to the communications services, it offers an on-demand job program in migrant rich communities including Miami and Houston which pays migrants for signups to the Rebtel app, earning roughly $20 an hour. Over 15,000 have joined the program since it launched in January 2016. Rebtel is also looking to build physical hubs in these communities with all the resources a modern migrant will need to be successful.