Skip to content Skip to Search
Skip navigation

Careem buys Dubai-based money transfer startup

By Pramod Kumar
Creative Commons
Careem will also use the new addition to its Super App to allow customers and Captains to connect with remittance services

Uber-owned app ride-hailing firm Careem has acquired the assets of Dubai-based money transfer platform Denarii.

Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii will enable fintechs like Careem Pay to process quick and affordable international money transfers.

Careem will also use the new addition to its Super App to allow customers and Captains to connect with remittance services.

Mudassir Sheikha, CEO and co-founder of Careem, commented: “We’re thrilled to acquire the assets of Denarii, a startup that is transforming the way people move money across the world.”

Founded in July 2012, Careem operates in over 100 cities across 12 countries and was acquired by Uber Technologies in January 2020 in a deal with $3.1 billion.

Latest articles

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]