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Careem acquires Dubai’s Denarii

To add international remittance services to its offering

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Dubai-based multi-service platform Careem has announced the acquisition of Denarii, a money transfer platform that integrates fintechs and financial institutions with remittance aggregators, banks, exchanges, and wallets globally.

Founded in 2019, Denarii’s proprietary money-transfer technology uses a single application programming interface (API) call to enable fintechs like Careem Pay to facilitate international money transfers. The Dubai-based company also helps businesses build secure profit centers by automating accounts payable and B2B payments.

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

Careem Pay offers a digital wallet that stores money for customers in the UAE as well as a peer-to-peer transfer product that enables customers to send, request, and receive money using just a phone number, personal QR code, or personal payment link.

Denarii’s API is expected to help accelerate Careem’s journey to offering affordable international remittance services, adding to the variety of services already offered by Careem Pay.