UAE - Careem has acquired the assets of Denarii, a Dubai-based money transfer platform, to use its technology to connect customers and captains with remittance services offered by licensed providers.
Established by Jon Santillan and Walfrido Perez in 2019, Denarii integrates fintech and financial institutions with remittance aggregators, banks, exchanges, and wallets globally.
The platform benefits from an application programming interface (API) call to help fintechs facilitate quick and affordable international money transfers and enables businesses to build secure profit centres through account payable and B2B payments.
Some key members of the Denarii team will be joining Careem.
The CEO and Co-founder of Careem, Mudassir Sheikha, 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."
Meanwhile, the CEO and co-founder of Denarii, Jon Edward Santillan, commented: "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."
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