Nigerian-owned startup Sendsprint has acquired Nobel Financial Inc., a US-based global remittance service provider, to expand its footprint and services to customers in the United States.
The firm is a cross-border payments startup operating in the UK, Ghana, Kenya, South Africa and Nigeria.
Sendsprint Acquires Nobel Financial Inc.
With this expansion, the remittance firm can support money transfers and gifting from customers in 16 US states. The states include New Jersey, Maryland, Georgia, and more, to recipients in Nigeria, Ghana, Kenya, and other African countries.
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.”
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“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.”
Nobel Financial Inc. Acquisition To Expand Sendsprint Remittance Services
Nobel Financial Inc. was founded in 2014. It offers international remittance services from the USA to over 32 countries across Africa, Latin America, Asia and the Middle East.
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.
While Sendsprint was launched in 2022. The firm operates in the competitive remittance market with established players like Western Union and MoneyGram and new entrants like LemFi and Leatherback.
The company charges a $5 flat fee across all transactions. It has also partnered with over 3,000 retailers in Africa.
Note that its acquisition of Nobel Financial Inc. aims to tap into the latter’s international remittance services from the USA to over 32 countries across Africa, Latin America, Asia and the Middle East.
Besides, this acquisition is taking place at the right time, as remittances to Africa have reached $100 billion, outpacing both Official Development Assistance (ODA) and Foreign Direct Investment (FDI).
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