Sendsprint, a cross-border payments startup with operations in the UK, Ghana, Kenya, South Africa, and Nigeria, has acquired US-based remittance company Nobel Financial Inc. for an undisclosed amount.
This strategic acquisition enables Sendsprint to expand its services, offering money transfers and gift-sending options to customers across 16 US states.
“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,” said Damisi Busari, CEO and founder of Sendsprint.
As part of the acquisition, Nobel Financial Inc.’s Chief Compliance Officer, Scott McClain, will join Sendsprint as the new Chief Compliance Officer.
Launched in 2022, Sendsprint operates in a competitive remittance market alongside established players like Western Union and MoneyGram, as well as new entrants like LemFi and Leatherback. The company charges a flat fee of $5 per transaction and partners with over 3,000 retailers across Africa, including brands like Shoprite, Dapper Monkey, Jumia, and Cake City, to facilitate gift card sending.
Founded in 2014, Nobel Financial Inc. provides international remittance services from the USA to over 32 countries in Africa, Latin America, Asia, and the Middle East. The company also offers in-kind gifts such as bags of rice to recipients in Africa.
The acquisition comes as remittance flows to Africa continue to grow, with 2022 seeing $100 billion sent to the continent, surpassing both Official Development Assistance (ODA) and Foreign Direct Investment (FDI). The increase in remittances from the US to Africa is driven by rising migration and improved financial wellbeing among Africans in the diaspora.
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