Careem has announced the acquisition of the assets of Denarii, a Dubai-based money transfer platform. The platform integrates fintechs and financial institutions with remittance aggregators, banks, exchanges and wallets around the world. Some key members of the Denarii team will also join Careem.
Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii’s money transfer technology uses a single API call to facilitate fast and affordable international money transfer.
Denarii also helps businesses create secure profit centers by automating accounts payable and B2B payments.
Careem Pay will use Denarii’s money transfer technology to connect customers and captains to money transfer services provided by approved providers. Careem Pay offers a digital wallet that stores real money for customers in the UAE as well as a peer-to-peer (P2P) transfer product that allows customers to send, request and receive money simply using a phone number, personal QR code or personal payment link. Seamless access to international money transfer services will complement Careem Pay’s payment offering for customers and captains to meet their day-to-day financial needs.
Mudassir Sheikha, CEO and Co-Founder of Careem, said, “We are delighted to acquire the assets of Denarii, a startup that is transforming the way people move money around the world. Denarii’s innovative API will accelerate our journey to offer simple and affordable international money transfer services, adding to the wide variety of services already available through Careem Pay.
Santillan added, “Careem’s vast network of customers, captains and merchants, and a decade of payment processing experience, will allow us to increase the impact of the money transfer technology we have. built through Denarii. Careem has done more than any startup in the region to make life easier and better, and we’re thrilled to join the team in increasing economic freedom for millions of people.
Meanwhile, the GCC is home to some of the largest remittance corridors in the world. Remittances to developing countries in the Middle East and North Africa region increased by 7.6% in 2021 to reach $61 billion, while remittances to South Asia South rose 6.9% to $157 billion in the same year. Digital financial services have a huge total addressable market – valued at $2.8 billion for payments, loans, GCC remittances and financial services products including insurance.