Careem has acquired yet another startup company. This time, it's Dubai-based digital payments fintech Denarii. Founded in 2019, Denarii's money transfer technology helps other fintech companies and financial institutions integrate with remittance aggregators, banks, exchanges, and wallets.
The recent acquisition comes off the ride-hailing and food-delivery platform expanding its services by snatching up players in the market to support their super app. The deal will allow Careem to connect its payments solution, Careem Pay, with Denarii's proprietary technology and offer its customers and captains remittance services. Careem currently operates in countries that link some of the most active remittance corridors in the world, such as the UAE, KSA, and Pakistan.
The company will likely benefit by enabling the service as remittances are a popular source of finances, and the UAE is among the top countries with its large expatriate community. Mastercard recently reported that approximately 64% of companies in the UAE reported that cross-border payments enabled their business to grow, and 53% of those companies said they were using the platform more than they had during the pre-coronavirus pandemic era.