Denarii Cash

Denarii Cash operates a mobile application focused on cross-border payments, specifically designed to serve overseas and migrant workers. The company was established in 2017 by Jon Edward Santillan, Walfrido Perez, and Denver Chua. The founders, particularly Santillan who was a migrant worker in the UAE for 14 years, drew from personal experiences with the high costs and complexities of sending money internationally. Santillan's background includes building consumer technology products for companies like Etihad Airways and Tajawal, providing a foundation in user-focused digital solutions.

The firm's primary offering is a mobile wallet that facilitates international money transfers, bill payments, and mobile load top-ups. The business model centers on charging a small commission per transaction while providing mid-market exchange rates, positioning itself as a lower-cost alternative to traditional banks and exchange houses that could charge up to 9% of the remitted amount. Users can fund their accounts via debit/credit cards, bank transfers, or through MBME Kiosks. The platform initially concentrated on the Filipino expatriate community in the UAE, a significant market, before expanding its services. Recipients in the Philippines can receive funds in bank accounts or through cash pick-up at over 10,000 partner locations, addressing the needs of the large unbanked population.

A significant milestone for Denarii Cash was its acquisition by the UAE-based super app Careem in July 2022. This acquisition involved integrating Denarii's money transfer technology into the Careem Pay super app to enhance its international remittance capabilities. Before the acquisition, the company had shown substantial growth, particularly in 2020, when it expanded its network to cover 11 countries, including India, Pakistan, Egypt, and Bangladesh, and reported a waitlist of over 1.1 million users. The company has been supported by venture capital firms such as 500 Global (formerly 500 Startups) and MISK Innovation.

Keywords: cross-border payments, remittance, mobile wallet, financial technology, overseas workers, migrant workers, money transfer, bill payments, UAE, Philippines, MENA, South Asia, Jon Santillan, Careem Pay, international remittance, mobile payments, financial inclusion, fintech startup, GCC, expatriate finance