VC-backed WorldRemit acquires Sendwave

WorldRemit's backers include TCV, Accel, Crossover Ventures and LeapFrog Investments.

Founded in 2010 and based in London, WorldRemit is a smartphone and online payments specialist, providing a low-cost alternative to bricks-and-mortar agents.

The acquisition is a cash and stock transaction that is expected to close, subject to licensing and regulatory approvals, in Q4 2020.

Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.

Company
Founded in 2014, Sendwave has built a digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. It is headquartered in Washington DC.

People
WorldRemit – Breon Corcoran (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Venture
• Build-up
• Buy-and-build
• United Kingdom