Careem, MENA-based super app, acquires Denarii, a Dubai-based money transfer platform that offers international financial remittance services for both businesses and individuals.
Careem has fully acquired the assets of Denarii, and its FinTech technology will now be introduced to Careem Pay’s digital ecosystem.
“We’re thrilled to acquire the assets of Denarii, a startup that is transforming the way people move money across the world. Denarii’s innovative API will accelerate our journey to offering simple and affordable international remittance services, adding to the wide variety of services already available through Careem Pay.” said Mudassir Sheikha, CEO and co-founder of Careem.
While Careem Pay is an e-wallet through which customers can pay bills, transfer money as well as make and accept payments, Denarii connects its users to “any remittance aggregator, bank, house exchange, wallet, or decentralized protocol”.
This accquisition will allow Careem’s customers and Captains to connect with a number of global licensed providers for remittance services.
“Careem’s large network of customers, Captains and merchants, and decade of payments processing experience, will enable us to increase the impact of the money transfer technology we built through Denarii. Careem has done more than any startup in the region to simplify and improve lives and we’re excited to join the team to increase economic freedom for millions of people in the region.” said Jon Edward Santillan, CEO and Co-founder of Denarii.
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