Dubai’s Careem acquires money transfer platform Denarii

UAE-based super-app Careem has acquired the assets of Denarii, a Dubai-based money transfer platform, for an undisclosed sum.

Denarii is now part of Careem

Denarii’s platform integrates fintechs and financial institutions with remittance aggregators, banks, exchanges and wallets.

Careem also announced that some “key members” from Denarii will be joining the company as part of the acquisition.

Founded in 2019 by Joe Santillan and Walfrido Perez, Denarii’s API tech enables consumers, businesses and fintechs to send money abroad “cheaper, better and with no hidden charges”.

Careem Pay says it will use Denarii’s money transfer technology to connect its customers with remittance services provided by licensed providers. Careem has a presence in countries such as the UAE, Saudi Arabia and Pakistan.

Careem Pay says this latest integration will “round out” its payments offerings for its customers, addressing their “everyday financial needs”.

Mudassir Sheikha, CEO and co-founder of Careem, says the deal will “accelerate our journey to offering simple and affordable international remittance services”.

Established in 2012, Careem operates in over 100 cities across 12 countries in the Middle East region. It offers a variety of services including ride-hailing, food and grocery delivery, micro-mobility, digital financial services and other partner services.

Careem Pay offers payments services such as holding and transferring money, paying bills and making and accepting payments within and outside its app.