WorldRemit, a London, UK-based digital, global cross-border payments company, is to acquire Sendwave, an app-based remittance company.
The cash and stock transaction is expected to close, subject to licensing and regulatory approvals, in Q4 2020.
Founded in 2014 by Drew Durbin and Lincoln Quirk and led by Will Fogel, CEO, Sendwave has built a digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. In the last 12 months, ending 30 June 2020, WorldRemit and Sendwave have sent approximately US $7.5 billion in transfers, generating approximately US $280 million in revenue. On a pro forma basis, the combined company will have over 100 send licences including for every US state, across a network that includes 50+/150+ send/receive countries and almost 8,000 payments corridors, a broad footprint that serves a large, but fragmented $715 billion remittances market that the World Bank estimates is growing at a 10% annual CAGR.
Following the close of the deal, Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.
Founded in 2010 and led by CEO Breon Corcoran, WorldRemit currently serves over 4 million customers. Through its digital services, customers can send 90 currencies to 150 countries, across almost 8 thousand corridors. Recipients benefit from one of the widest ranges of money-out options including bank deposit, mobile money, and cash pickup.