Sendsprint, an emergent cross-border payments startup with operations spanning the UK, Ghana, Kenya, South Africa, and Nigeria, has recently acquired Nobel Financial Inc., a remittance company based in the United States. While the financial terms of the deal remain confidential, this strategic move positions Sendsprint to extend its money transfer and gift-sending services to customers across 16 states in the US.
Damisi Busari, CEO and founder of Sendsprint, expressed enthusiasm about the company’s US market entry: “The US market holds immense potential for our growth, and we’re thrilled to introduce our tailored, people-centric technology solutions to Africans in the US. We’re poised to make a significant impact with this expansion.”
In conjunction with the acquisition, Nobel Financial Inc.’s seasoned Chief Compliance Officer, Scott McClain, will be transitioning to the Sendsprint team, assuming the same role.
Since its inception in 2022, Sendsprint has been navigating the competitive remittance landscape, contending with industry giants like Western Union and MoneyGram, as well as emerging players such as LemFi and Leatherback. Sendsprint distinguishes itself with a uniform $5 fee for all transactions. The company boasts partnerships with over 3,000 retailers across Africa, including prominent names like Shoprite, Dapper Monkey, Jumia, and Cake City, facilitating the sending of gift cards to recipients on the continent.
Nobel Financial Inc., established in 2014, provides international remittance services from the USA to over 32 countries in Africa, Latin America, Asia, and the Middle East. The company has also carved out a niche by enabling customers to send tangible gifts like bags of rice and other items to recipients in Africa.
This acquisition is timely, as remittance flows to Africa continue to surge. In 2022, the continent received $100 billion in remittances, surpassing both Official Development Assistance (ODA) and Foreign Direct Investment (FDI). The uptick in remittances from the US to Africa is attributed to increased migration and the enhanced financial status of Africans living abroad.
