US online remittance services company Remitly (Nasdaq: RELY) today announced on a Zoom call to employees in Israel that it is closing down operations at its R&D center here. The center has 200 employees of which 110 are being laid off, including development, product and marketing staff. At the same time, sources close to the company claim that a small team of about a dozen employees will remain in Israel, engaged mainly in sales and commercial activities.
As part of the move, Guy Kashtan, founder and CEO of Rewire, which was acquired by Remitly, and who manages Remitly’s site in Israel, will also leave the company. Remitly operates in the field of international money transfers and offers digital services for managing and sending money via a website and app, mainly for customers who have cross-border financial activity.
Rewire acquired for about $80 million
Remitly’s operations in Israel were based on the acquisition of Israeli startup Rewire, which was completed in August 2022 in a deal worth about $80 million, in cash and shares. Rewire was founded in 2015 by Guy Kashtan, Saar Yahalom, Adi Ben Dayan and Or Ben Oz, and developed financial services specifically for migrant workers in Israel and Europe, with an emphasis on money transfers and cross-border financial management.
After the acquisition, the Israeli branch served as Remitly’s development and service center. At the time, it was announced that it would expand its local operations. By the time of its acquisition, Rewire had raised $62 million, and its investors included Viola Funds, OurCrowd, Glilot Capital, and institutional entities.
Published by Globes, Israel business news – en.globes.co.il – on February 4, 2026.
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