Transaction Adds Scale in Key
USA-African Payments Corridors To Support Growing Demand For Fast,
Secure, Low-Cost, Digital Mobile Money Transfer
LONDON-Wednesday 26 August 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- Today digital, global cross-border payments company WorldRemit announced it has agreed to acquire Sendwave,
a rapidly growing app-based remittance company in a cash and stock
transaction that is expected to close, subject to licensing and
regulatory approvals, in Q4 2020.
Founded
in 2014, Sendwave has built a leading and rapidly growing digital
remittance service to East and West Africa, and this summer 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.
“Both
WorldRemit and Sendwave share a common purpose: allowing customers to
easily and cost effectively send financial support to families, friends
and businesses in other countries,” said WorldRemit CEO, Breon Corcoran.
“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.”
“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,” said Will Fogel, CEO Sendwave.
“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.”
In
the last 12 months, ending 30 June 2020, WorldRemit and Sendwave have
sent approximately US $7.5 billion in transfers, generating
approximately US $280 million in revenue. This represents a YoY growth
of over 50% for the year ended June 2020 relative to historic combined
revenues. On a pro forma basis, the combined company will have
over 100 send licences including for every US state, across a network
that includes 50+/150+ send/receive countries and almost 8,000 payments
corridors, a broad footprint that serves a large, but fragmented $715
billion remittances market that the World Bank estimates is growing at a
10% annual CAGR.
About WorldRemit
WorldRemit
was founded in 2010, and serves over 4 million customers. Through our
digital services customers can send 90 currencies to 150 countries,
across almost 8 thousand corridors. Recipients benefit from one of the
widest ranges of money-out options including bank deposit, mobile money,
and cash pickup. Our investors include Accel, TCV and Leapfrog. Accel
and TCV are long-term investors in well-known brands including AirBnB,
Facebook, Spotify and Expedia.
About Sendwave
Sendwave
was founded by Drew Durbin and Lincoln Quirk with the mission of making
sending money cross-borders as easy as sending a text. Upon
consummation of the transaction, Sendwave’s founders will continue
working on projects that bring access to financial services in Africa,
on an independent basis.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200825005820/en/
Contacts
Dave Donohue
WorldRemit
Corpcomms@worldremit.com
