In addition to its food and ride-hailing services, Careem is also acquiring a variety of businesses, such as the Dubai-based money transfer platform, Denarii. This acquisition will allow the company to expand its offerings and provide its customers with a more convenient and affordable way to send and receive money.
Through its technology, which is built on a single API call, the company enables financial institutions such as Careem Pay to process international money transfers.
It’s a payment solution that helps businesses automate their accounts payable and B2B payments. It was founded in 2019 by Walfrido Perez and Jon Santillan. Careem Pay is a digital wallet that allows customers in the UAE to store real money and send and receive money through a peer-to-peer transfer.
Through the acquisition of the company, Careem Pay will be able to provide its customers with a wider range of international money transfer services. Mudassir Sheikha, the company’s CEO, said that the acquisition will allow the company to accelerate its efforts to provide its customers with a more convenient and affordable way to send and receive money. He also noted that the company’s large network of merchants and customers will allow it to increase the impact of its money transfer technology.
Through the acquisition of Denarii, Careem will be able to connect its customers and captains with various financial institutions that provide international money transfer services. According to the company, it has a strong presence in multiple countries, such as Pakistan, the UAE, and Saudi Arabia. In 2021, the value of international money sent and received by individuals and businesses in these regions grew by 7.6 percent to $61 billion.
According to a statement, the digital financial services industry is expected to reach a total addressable market of almost $3 trillion. It includes various financial services such as payments, insurance, and GCC remittances.