Careem acquires Denarii to augment remittance services

Founded in 2019, Denarii’s proprietary money transfer technology uses a single API call to enable fintechs like Careem Pay to facilitate international money transfer. Denarii also helps businesses build secure profit centres by automating accounts payable and B2B payments.

Careem Pay will use Denarii’s money transfer technology to connect customers and Captains with remittance services provided by licensed providers. Careem already has a presence in countries connecting some of the most active remittance corridors in the world, such as the UAE, KSA, and Pakistan.

Careem Pay offers a digital wallet that stores real money for customers in the UAE as well as a peer-to-peer (P2P) transfer product that enables customers to send, request, and receive money using just a phone number, personal QR code, or personal payment link. Seamless access to international remittance services will round out Careem Pay’s payments offering for customers to address their everyday financial needs.

Careem Pay is simplifying payment experiences by making it easier for customers and merchants to hold and transfer money, pay bills, and make and accept payments both on and beyond the Super App.

In the UAE, the Careem super app offers more than a dozen services including ride-hailing, food and grocery delivery, micro-mobility, digital financial services, and partner services including car rental, home cleaning, and PCR testing.