Dubai-based Denarii Cash, a mobile money transfer app for expatriates in the UAE, has announced that the company has signed strategic partnership agreements and expanded its network to eleven countries. Expatriates in the UAE are now able to remit cash via their smartphones to the Philippines, India, Sri Lanka, Nepal, Pakistan, Bangladesh, Egypt, Jordan, Saudi Arabia, Bahrain, and Kuwait.
The company has experienced a rapid spike in the number of users downloading the mobile application since March 2020. With this sudden surge in downloads, Denarii Cash has 1.1 million waitlisted users to be activated when compared to the 57,000 active users prior to the pandemic. In today’s world, mobile cash remittances have become a necessity and are affordable, secure, and easily accessible to customers.
Commenting on the announcement, Jon Santillan, founder and techpreneur said: “As key players in the remittance field, since the beginning of the pandemic our team has worked tirelessly to hasten the process of signing partnership agreements to offer our services to several expatriate communities in the UAE. Our strategy is to offer our remittance services to as many expatriates as possible.
"Today, we are proud to have paved the way for our customers to digitally remit cash to 11 major countries and this was no easy task. We look forward to further expanding our services to several other countries in the near future.”
With Denarii Cash, users can set up a free account, pay bills by debit or credit cards, recharge accounts all at the comfort and safety of their homes. Its network provides free flow of money from one country to the other with same-day delivery at low-cost transaction fees.
Denarii Cash is backed and supported by leading venture capital firms 500 Falcons, MISK Innovation, 500 Fintech, and leading GCC angel investors.
The Food & Beverage industry saw increased investment activity over the last 5 years, jumping from just 10 deals in 2015 to 54 in 2019. Discover more trends and insights in our 2019 F&B MENA Venture Investment Report.