WorldRemit to acquire Sendwave
Today digital, global cross-border payments company WorldRemit announced it has agreed to acquire Sendwave, a rapidly growing app-based remittance company in a cash and stock transaction that is expected to close, subject to licensing and regulatory approvals, in Q4 2020.
Founded in 2014, Sendwave has built a leading and rapidly growing digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.
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. This represents a YoY growth of over 50% for the year ended June 2020 relative to historic combined revenues. 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.
