Nobel Financial Inc. was acquired by Sendsprint, a quickly expanding remittance firm formed in 2022 by Damisi Busari, a former executive at Flutterwave, for an undisclosed fee.
With the acquisition, Sendsprint has reached a major growth milestone that will allow it to offer its services to customers in 16 US states. Sendsprint presently works in Nigeria, Ghana, Kenya, South Africa, and the United Kingdom. It is well-known for its effective money transfer service, which charges a flat $5 fee.
For customers sending money to Africa, the company’s service offers a rapid and affordable solution, processing transactions in within 30 minutes.
Sendsprint is well-positioned to take advantage of the substantial prospects provided by the US market, especially in the remittance corridor connecting the US and Africa, following its acquisition of Nobel Financial.
The CEO of Sendsprint, Damisi Busari, emphasized the significance of the acquisition by saying that the US market presents the company with significant growth possibilities.
The acquisition is in line with Sendsprint’s objective to offer people-focused technologies and services that increase customers’ affordability and accessibility to remittances.
Remittances to Africa have increased dramatically; in 2022 alone, $100 billion was sent there. Sending money to Africa is still expensive, though, with fees frequently amounting to 15% of the whole amount.
Remittance prices are being lowered by startups like Sendsprint, which will enable African diasporas to afford remittances more easily. By enabling consumers to send in-kind presents like groceries, spa days, medical bills, and gadgets through agreements with over 3,000 African businesses, including well-known names like Shoprite, Dapper Monkey, Jumia, and Cake City, the purchase also improves Sendsprint’s service capabilities. In addition to giving recipients cash support, this extra service also gives them thoughtful and useful gifts.
Founded in 2014, Nobel Financial offers a reputable worldwide remittance service that allows consumers to send gifts and money to over 32 countries in the Middle East, Africa, Latin America, and Asia from the United States. More than a million clients worldwide have had their fund transfers facilitated by Nobel Financial during the last ten years.
