Careem acquires Dubai-based fintech startup ‘Denarii’
Careem has acquired the Dubai-based money transfer platform Denarii for an undisclosed amount, and some key members of the Denarii team will also be joining Careem, according to a press release.
Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii’s proprietary money transfer technology uses a single API call to enable fintechs like Careem Pay to facilitate quick and affordable international money transfers. Denarii also helps businesses build secure profit centers by automating accounts payable and B2B payments.
Careem Pay will use Denarii’s money transfer technology to connect customers and Captains with remittance services provided by licensed providers. It also offers a digital wallet that stores real money for customers in the UAE and a peer-to-peer (P2P) transfer product that enables customers to send, request, and receive money using a phone number, personal QR code, or personal payment link.
Seamless access to international remittance services will round out Careem Pay’s payment offering for customers and Captains to address their everyday financial needs.
“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.” Mudassir Sheikha, CEO and co-founder of Careem commented.
Jon Edward Santillan, CEO and co-founder of Denarii, said: “Careem’s large network of customers, Captains and merchants, and a 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 regional startup to simplify and improve lives, and we’re excited to join the team to increase economic freedom for millions of people.”
Careem has a significant presence in countries connecting some of the most active remittance corridors in the world, such as the UAE, KSA, and Pakistan. Careem Pay simplifies payment experiences by making it easier for customers, Captains, and merchants to hold and transfer money, pay bills, and complete and accept payments on and beyond the super App.
Careem Super App in the UAE offers more than a dozen services, including ride-hailing, food and grocery delivery, micro-mobility, digital financial services, and partner services, including car rental, home cleaning, and PCR testing.
It is worth mentioning that Careem was established In March 2012 in Dubai and still operates in over 100 cities, covering 12 countries across the Middle East, Africa, and South Asia.
