Global cross-border payments company WorldRemit announced on Tuesday it has agreed to acquire Sendwave, an app-based remittance company. According to WorldRemit, Sendwave has built a leading and rapidly growing digital remittance service to East and West Africa, and this summer added Bangladesh, which is its first receiving market in Asia.
WorldRemit also reported that in the past 12 months, ending on June 30th, it and Sendwave have sent approximately $7.5 billion in transfers, generating approximately $280 million in revenue. While sharing details about the acquisition, WorldRemit CEO, Breon Corcoran, revealed:
“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.”
Will Fogel, CEO Sendwave, concluded:
“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.”
WorldRemit then added that the cash and stock transaction is expected to close, subject to licensing and regulatory approvals, in the fourth quarter of 2020. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees, and key partners.