Rebtel takes $8M in outside funding, wants to build a a digital bank for immigrants.
Rebtel, a Stockholm, Sweden-based company providing telecom services, announced securing $8M in capital investment added to the company.
The money comes from existing investors, Balderton Capital and Index Ventures, and will be used for a SEK 130M ($15M) new business initiative that will help Rebtel launch a platform for bank account transfer services for immigrants. The service will be branded as a digital bank aimed at migrant workers and is expected to be launched by the end of 2018.
Rebtel was founded in 2006 by Hjalmar Winbladh and Jonas Lindroth as a developer of technology to enable cheap VoIP calling. The company offers unlimited calling to 56 countries for $10 per month, serving over a million customers a month mostly in emerging markets. It registered sales of SEK 666 ($75M) in the 2016 fiscal year and expects $100M in revenue in 2018.
Rebtel is led by CEO Magnus Larsson, employs 85 people and raised $20M in 2006 from Index Ventures and Benchmark Europe. In 2007 Benchmark Europe has split from its U.S. counterpart, and changed its name to Balderton Capital.