Careem announces acquisition of Denarii assets

By Leandra Monteiro

Careem announces the acquisition of the assets of Denarii, a Dubai-based money transfer platform that integrates FinTechs and financial institutions with remittance aggregators, banks, exchanges and wallets globally. Some key members of the Denarii team will also be joining Careem.

Careem Pay will use Denarii’s money transfer technology to connect customers with remittance services provided by licensed providers. The company already has a large presence in countries connecting some of the most active remittance corridors in the world, such as the UAE, KSA and Pakistan.

Careem Pay offers a digital wallet that stores real money for customers in the UAE as well as a peer-to-peer (P2P) transfer product that enables customers to send, request and receive money using just a phone number, personal QR code, or personal payment link. Seamless access to international remittance services will round out Careem Pay’s payments offering for customers to address their everyday financial needs.

Mudassir Sheikha, CEO and co-founder of Careem 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 through Careem Pay.”

Jon Edward Santillan, CEO and co-founder of Denarii 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.”

Careem Pay is simplifying payment experiences by making it easier for customers, Captains, and merchants to hold and transfer money, pay bills, and make and accept payments both on and beyond the Super App. In the UAE, the App 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.