Dubai-based super app Careem has acquired regional money transfer technology platform Denarii for an undisclosed amount.
Founded in 2019 by Jon Santillan and Walfrido Perez, the acquired platform integrates fintechs and financial institutions with remittance aggregators, banks, exchanges and wallets worldwide.
Its proprietary money transfer technology leverages a single API call to help its clients facilitate international money transfers. Additionally, Denarii automates accounts payable and B2B payments.
As part of the deal, key members of the Denarii team will join Careem.
Careem co-founder and CEO Mudassir Sheikha said: “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 offered by Careem Pay.”
Careem Pay provides users in the customers in UAE with a digital wallet that stores real money. It also offers a peer-to-peer (P2P) transfer product that allows customers to send, request and receive money using just a phone number, personal QR code, or personal payment link.
Careem intends to tap Denarii’s money transfer technology to link Careem Pay customers and its drivers with remittance services offered by licensed providers.
The firm expects that seamless access to international remittance services will bolster Careem Pay’s payments offering will help everyday financial needs of its customers and drivers.
Denarii co-founder and CEO Jon Santillan said: “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.”
Careem claims to have a significant footprint in countries connecting some of the prominent global remittance corridors, including the UAE, Saudi Arabia and Pakistan.
In 2020, the firm struck a partnership with Visa to accelerate digital payments.