Sendsprint, an international payment and remittance startup, has acquired Nobel Financial Inc., a US-based global remittance service provider, to drive the expansion of its footprint and services to customers in the United States.
With this acquisition, Sendsprint will be able to support money transfers and gifting from customers in 16 US states, including New Jersey, Maryland, Georgia and more, to recipients in Nigeria, Ghana, Kenya and other African countries.
Founded in 2014, Nobel Financial Inc. offers international remittance services from the USA to over 32 countries across Africa, Latin America, Asia and the Middle East. As well as money, the company also enables users to send in-kind gifts such as bags of rice and other gifts to recipients in Africa. Over the last 10 years, Nobel Financial has helped more than a million customers to transfer funds to recipients all over the world.
Remittance flows to Africa have steadily grown in recent years, reaching $100 billion in 2022 and surpassing the funds received through Official Development Assistance (ODA) and Foreign Direct Investment (FDI). Remittance from the US to Africa, in particular, has also increased, driven by increased migration, improved financial wellbeing for Africans in diaspora and other factors. However, the cost of sending money to Africa is relatively high compared to other regions, with users paying as high as 15% of the amount sent, depending on the corridor and service provider.
Sendsprint offers fast, secure and low-cost transfers into Africa, making it easier for more Africans to share the fruits of their labour overseas with loved ones back home. Transactions are processed quickly, often within 30 minutes, and are protected by advanced security measures, including two-factor authentication (2FA) and real-time transaction monitoring. Sendsprint has also partnered with over 3,000 retailers operating in Africa - including big names like Shoprite, Dapper Monkey, Jumia, and Cake City - to make it possible for users to send gift cards to recipients in Africa. The company currently has operations in Nigeria, Ghana, Kenya, South Africa and the United Kingdom, and will now be able to offer its services to users in the United States.
Commenting on the acquisition, Damisi Busari, CEO and founder of Sendsprint, said, " We see immense value in Nobel Financial, and that was what this acquisition was borne out of. The US presents a massive opportunity for us as a company and we are excited to bring our unique blend of people-focused technology solutions and nuanced understanding of Africans in the US market to make this expansion into the US a remarkable success. "
As part of the acquisition, Nobel Financial Inc’s Chief Compliance Officer, Scott McClain, will join the Sendsprint team as Chief Compliance officer. He joins with other members of his team who will support Sendsprint’s compliance program in the US. McClain brings over 20 years of experience and an in-depth understanding of the US regulatory environment that will ensure compliant growth as Sendsprint expands its operations into more states across the United States.