WorldRemit says it is buying Sendwave, an app-based remittance company in a cash and stock deal. Subject to licensing and regulatory approvals, the deal is expected to close in the fourth quarter of 2020, a press release copied to ghanabusinessnews.com says.
Both companies in the last 12 months ending June 30, 2020, have sent approximately $7.5 billion in transfers, generating approximately $280 million in revenue.
Sendwave, which was founded in 2014, has built a rapidly growing digital remittance service to East and West Africa, and recently added Bangladesh, its first receiving market in Asia. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.
Commenting, WorldRemit CEO, Breon Corcoran said, his company “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.”
“Our users send money so their loved ones can pay for necessities like utilities, healthcare and school fees. ‘Sendwave’-ing money is as easy as sending a text – one less worry for the hard-working and generous diaspora communities that we serve. We’re eager to combine WorldRemit’s wide reach with our recipe for success in areas like Kenya, Ghana, and Nigeria. Together, we can achieve a better service for current and future users,” says, Will Fogel, CEO of Sendwave.