WorldRemit has announced that it would be acquiring Sendwave this tuesday. Latter is one of the rapidly growing app-based remittance companies in a cash and stock transaction. 

However, it was likely to close due to the licensing and regulatory approvals, in Q4 2020.

Sendwave had last summer also added Bangladesh so as to penetrate the market in Asia. while has also  built a leading and rapidly growing digital remittance service to East and West Africa since its establishment in 2014. 

While it has been said that Sendwave will continue to operate independently. Also, it would retain its mobile apps, management, brand, employees and also the 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.”

If we look at the figures, both the companies have sent about USD 7.5 billion in transfers so as to generate about USD 280 million in revenue in the last 12 months.