Sendsprint, a rapidly growing remittance startup founded in 2022 by former Flutterwave executive Damisi Busari, has completed the acquisition of Nobel Financial Inc. for an undisclosed sum.
The acquisition marks a significant milestone in Sendsprint’s expansion, enabling the company to extend its services to users in 16 American states.
Sendsprint, known for its efficient money transfer service with a flat fee of $5, currently operates in Nigeria, Ghana, Kenya, South Africa, and the United Kingdom.
The company’s service processes transfers within 30 minutes, providing a quick and cost-effective solution for users sending money to Africa.
With the acquisition of Nobel Financial, Sendsprint is poised to capitalize on the significant opportunities presented by the US market, particularly in the US-to-Africa remittance corridor.
Damisi Busari, CEO of Sendsprint, highlighted the importance of the acquisition, stating that the US market offers substantial growth potential for the company.
The acquisition aligns with Sendsprint’s mission to provide people-focused technology and services, designed to make remittances more accessible and affordable for users.
Africa has seen a dramatic increase in remittance flows, with $100 billion received in 2022 alone. However, sending money to Africa remains costly, with fees often reaching up to 15% of the transaction value.
Startups like Sendsprint are working to reduce these costs, making remittances more affordable for African diasporas.
The acquisition also enhances Sendsprint’s service offerings by allowing users to send in-kind gifts such as groceries, spa days, medical bills, and gadgets through partnerships with over 3,000 African retailers, including major brands like Shoprite, Dapper Monkey, Jumia, and Cake City.
This additional service provides recipients with more than just financial support, offering them practical and thoughtful gifts.
Nobel Financial, founded in 2014, has a well-established international remittance service, enabling users to send money and gifts from the USA to over 32 countries across Africa, Latin America, Asia, and the Middle East.
Over the past decade, Nobel Financial has facilitated fund transfers for more than a million customers worldwide. The acquisition of Nobel Financial will allow Sendsprint to leverage this extensive network and experience, further expanding its reach and capabilities.
Regulatory compliance is a critical aspect of the remittance industry, and Nobel Financial’s Chief Compliance Officer, Scott McClain, will join Sendsprint in the same role, bringing his team with him.