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Fintech & Ecommerce

WorldRemit to acquire another remittance company

Aug 27, 2020

Sendwave will continue to operate independently

WorldRemit

WorldRemit to acquire another remittance company. Source: unsplash.com

WorldRemit will acquire Sendwave, an app-based remittance company in a cash and stock transaction that is expected to close in Q4 2020.

Sendwave will continue to operate independently and retain its mobile apps, brand, management, employees and key partners.

Both WorldRemit and Sendwave share a common purpose: allowing customers to easily and cost-effectively send financial support to families, friends, and businesses in other countries. WorldRemit has one of the broadest and most accessible networks for money transfers globally. Combining it with Sendwave, which offers instant, no/low-fee and fully digital payments from North America and Europe to Ghana, Nigeria, Senegal, and East Africa, addresses customer needs for fast and secure digital payments - especially given today’s travel restrictions and economic turmoil
WorldRemit CEO, Breon Corcoran

Over the last year, both companies have sent nearly $7.5 billion in transfers, generating approximately $280 million in revenue. This represents a YoY growth of over 50% for the year ended June 2020 relative to historic combined revenues.

On a pro forma basis, the combined company will have over 100 send licenses including for every US state. That includes 50+/150+ send/receive countries and almost 8,000 payments corridors, a broad footprint that serves a large but fragmented $715 billion remittances market.

We’ve reported that MoneyGram?has announced?a new partnership with Airtel Africa PLC, a leading money service provider with a presence in Africa’s 14 countries.

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