In a strategic move to expand its footprint in the US market, Nigerian fintech startup Sendsprint has announced the acquisition of Nobel Financial Inc., a US-based global remittance service provider. The deal, which comes just two years after Sendsprint’s own launch, signifies the company’s rapid growth and ambition to become a dominant player in the global remittance industry.
Sendsprint, founded by former Flutterwave’s head of strategy Damisi Busari, has quickly established itself as a disruptor in the remittance space. With this acquisition, the startup will now be able to offer money transfer and gifting services to customers in 16 US states, significantly broadening its reach. Recipients in Nigeria, Ghana, Kenya, and other African countries will also benefit from expanded options and potentially lower fees.
“The US market presents a massive opportunity for us,” said Busari. “Nobel Financial’s expertise and established presence in the US, combined with our technology-driven approach, will create a powerful synergy that will benefit our customers.”
The acquisition comes at a time when remittance flows to Sub-Saharan Africa are experiencing significant growth. According to the World Bank, remittances to the region surpassed $54 billion in 2023 and are expected to continue rising in the coming years. However, high transfer costs remain a challenge, with the average fee for sending $200 to the region standing at 7.9 percent.
Sendsprint has positioned itself as a low-cost alternative, offering fast and secure transfers. By acquiring Nobel Financial, the company aims to leverage the latter’s existing infrastructure and customer base to accelerate its expansion plans.
Founded in 2014, Nobel Financial brings a wealth of experience in international remittance services to the table. The company operates in over 32 countries across Africa, Latin America, Asia, and the Middle East.
Sendsprint’s acquisition of Nobel Financial marks another significant milestone for the Nigerian fintech ecosystem. The startup’s rapid growth and strategic moves have positioned it as a key player in the global remittance industry, with the potential to reshape the landscape for millions of customers.