Dubai, United Arab Emirates: Careem has announced the acquisition of Dinar Asset, a Dubai-based cash transfer platform specializing in financial technology, transfer services, banking, trading and global digital wallets. In addition, some key members of the Dinari team will join Careem.
Denari was founded in 2019 by John Santillan and Walfredo Perez. The company has since developed its own specialized financial services technology, enabling advanced integration with its customer platforms such as Careem Pay by relying on a single call from the API, which speeds up financial services and provides secure and reliable payment, along with fast and low cost money transfer services to different parts of the world. Denari also helps businesses generate profits by automating accounts payable and inter-company payments.
With this move, Careem Pay aims to provide a seamless international money transfer service to customers and captains in the Middle East, a region that is constantly seeing extensive transfers making it one of the most active transfer routes in the world. Careem’s move to acquire Dinari comes to bolster its strong presence in the region’s markets, particularly in the United Arab Emirates, Saudi Arabia and Pakistan.
The Careem Pay service offers clients in the UAE a digital wallet that can store large amounts of money, in addition to digital transfer services between individuals, which enable them to send, request and receive cash through a telephone number, a personal QR code or a personal payment link. The international money transfer service integrates with Careem Pay’s offerings to meet the daily financial needs of clients and captains.
Mudassir Sheikha, CEO and co-founder of Careem, commented on the matter: “Acquiring the assets of the Dinari platform is an important step for us at Careem, as this startup has successfully launched a completely new way sent to transfer money. in the world. Dinari’s innovative company has accelerated our path to providing an easy and low cost international money transfer service, enhancing the diversified list of financial services that CareemPay currently offers. ”
John Edward Santillan, CEO and co-founder of Dinari, said: “We are delighted to join Careem, a company that has made the biggest impact on people’s lives in the region and has managed to provide services that simplifies all people’s daily needs. Careem has a wide customer base and captains
And traders, and many years of experience in handling different types of financial transactions, which will help us expand the use of the money transfer technology offered by Dinari. We look forward to our next steps below
Careem’s umbrella, as we will continue to provide services that enable secure payments and easy and reliable transfers to millions of people in the region. ”
The Arabian Gulf region is home to some of the most prominent cash transfer routes in the world, where cash transfers to developing countries in the Middle East and North Africa recorded 7.6% growth in 2021 to reach $ 61 billion, and a growth in South Asia of 6.9%, equivalent to $ 156 billion in the same year. The total value of the financial and digital services market available is $ 2.8 trillion, including various payment, lending and overpayment services in the GCC countries and financial services products including insurance.
Careem Pay simplifies and facilitates the payment experience for customers, captains and merchants in terms of collecting and transferring funds, paying bills and making and accepting payments, all in one comprehensive application of Careem.
Today, the Careem platform offers more than 12 services to clients in the UAE, including transportation, food delivery, groceries, short trips and payments, as well as Careem partner services such as car rental, house cleaning and PCR testing.
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Careem’s online platform offers the comprehensive daily application that promises a better future for the Middle East region. Today, the company plays a prominent role in supporting the growing economy of the region by providing a leading package of transportation, delivery and money transfer services through a unified application for smartphones. Careem’s mission is to simplify and promote people’s lives, and to build a groundbreaking organization that inspires others. Careem was founded in July 2012 and now operates in more than 100 cities in 12 countries, providing more than one million jobs in the region. Careem became a wholly owned subsidiary of Uber Technologies Inc in January, www.careem.com, 2020.
An overview of the Dinary platform:
The Dinari platform enables cash transfers using a mobile and online application and APIs to help consumers, businesses and fintech companies send money between countries at a lower cost and better ways without unknown fees. The company was founded by John
Santillan and Walfredo Pérez in 2019, after graduating from the Misk500 accelerator program launched by 500Global, with the support of Class5 and Merac Financial. Other investors include Mountain Partners, Foxmont Capital, IMO Ventures, and a number of prominent investors who support the companies.
Young people in the region like Musab Hakami, Turki Al-Juaid, Pavel Ivanov, Sayed Al-Salloum, Garf Zahar and Khorsan Yala. Dinari has participated in the Hub71 Incentive Program, the Mohammed bin Rashid Fund for Innovation, and the Dubai Chamber Business Acceleration Program, in addition to receiving an incentive grant from the Abu Dhabi Investment Office.