WorldRemit to acquire African remittance company Sendwave

WORLDREMIT, A digital, crossborder payments company, has announced plans to acquire appbased remittance company Sendwave in a cash and stock transaction.

Founded in 2014, Sendwave has built a leading and rapidly growing digital payments service in East and West Africa, expanding into Bangladesh this summer. Service users can send money to users to pay for necessities, 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. We are 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,” said Will Fogel, CEO of Sendwave.

Between June 2019 and 2020, WorldRemit and Sendwave sent approximately $7.5 billion in transfers, which generated around $280 million in revenue.