RIYADH: Careem, the ride-hailing and e-commerce platform, has acquired Denarii, a Dubai-based money transfer platform, in its second acquisition this month.
While the company has not disclosed the value of the deal, this acquisition will allow Careem to integrate Denarii’s technologies and assets into its platform.
Some key members of the Denarii team will also join Careem as part of the acquisition, MAGNiTT reported.
Careem will use Denarii’s technology for its Careem Pay feature, to connect customers and Captains with remittance services provided by licensed providers.
“Denarii’s innovative API will accelerate our journey to offering simple and affordable international remittance services, adding to the wide variety of services already available through Careem Pay,” Mudassir Sheikha, CEO and co-founder of Careem said.