- Careem, which provides digital wallet services as well as cross-border payment products, has said that it will buy up assets belonging to a firm in Dubai called Denarii.
- Careem, which works in some of the world’s most popular corridors for sending and receiving funds and transfers – such as Saudi Arabia – is expected to integrate Denarii’s technology into its payment offer.
- “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,” said a senior figure at Denarii.
Careem, a company in the cross-border payments space, has confirmed that it will acquire Denarii, a Dubai-based money transfer service.
Denarii is known for its capacity to bring together financial institutions and financial technology firms with exchanges and banks around the world.
Careem has announced that it is intending to buy up the assets of Denarii, with several key members also joining Careem.
Careem Pay is thought to be planning to build Denarii’s technology into its money transfer tech offer.
The company operates in a number of the world’s most active payment corridors such as Pakistan, the United Arab Emirates and Saudi Arabia.
Mudassir Sheikha, the chief executive officer and co-founder of Careem, expressed his excitement that the company will be picking up Denarii’s assets.
“We’re thrilled to acquire the assets of Denarii, a startup that is transforming the way people move money across the world,” he said.
“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,” he explained.
For Denarii, the co-founder and chief executive officer Jon Edward Santillan said that Careem’s big customer base will come in useful when it comes to building the “impact” of the money transfer kit.
“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,” he said.
“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.”
These companies are just two of many in the online money transfer sector – to get more details about what the other firms in this sector can offer, just read some reviews over at our reviews section and see what information you can find.
