WorldRemit to acquire Sendwave, a remittance company with a focus on Africa

Business: WorldRemit to acquire Sendwave, a remittance company with a focus on Africa

Last updated on September 11th, 2021 at 08:25 am

Digital, international cross-border payments company WorldRemit introduced it has agreed to collect Sendwave, a rapidly growing app-based remittance organisation in a cash and stock transaction that is expected to close, concern to licensing and regulatory approvals, in Q4 2020.

Founded in 2014, Sendwave has constructed a main and swiftly growing digital remittance provider to East and West Africa, and this summer season brought Bangladesh, its first receiving market in Asia.

Sendwave will continue to function independently and retain its cellular applications, brand, management, personnel and key partners. “Both WorldRemit and Sendwave share a common purpose: allowing customers to without problems and price successfully ship monetary assist to families, buddies and groups in other countries,” said WorldRemit CEO, Breon Corcoran.

“WorldRemit has one of the broadest and most available networks for cash transfers globally. Combining it with Sendwave, which affords instant, no/low-fee and totally digital payments from North America and Europe to Ghana, Nigeria, Senegal and East Africa, addresses purchaser needs for fast and impervious digital payments – specifically given today’s travel restrictions and financial turmoil.”

“Our users send money so their loved ones can pay for necessities like utilities, healthcare and college fees. ‘Sendwave’-ing cash is as handy as sending a text – one much less worry for the hard-working and beneficiant diaspora communities that we serve,” stated Will Fogel, CEO Sendwave.

“We’re eager to mix WorldRemit’s huge attain with our recipe for success in areas like Kenya, Ghana, and Nigeria. Together, we can gain a better provider for current and future users.”