Chimoney, a Nigerian Fintech payment platform and API provider for global money movement, has acquired Scrim, a Gen Z mobile app that lets users send and receive real-time payments from their friends & family, for an undisclosed sum.
According to Chimoney, the acquisition of Scrim is not just a corporate merger, but a strategic move to empower Africans and others in emerging markets, who have long faced discrimination in global financial platforms.
Speaking on the acquisition of Scrim, CEO of Chimoney Uchi Uchibeke said that having observed that African entrepreneurs, freelancers, and businesses have struggled with receiving payments from global clients, he saw the need to close the gap, hence the reason for the acquisition of Scrim.
Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
He said Chimoney’s acquisition of Scrim appears to be a solution to addressing the payment gap, offering a solution that not only enables global payouts but also integrates seamlessly with local currencies and payment methods.
“The idea behind the Scrim app is simply brilliant. I have collaborated with Pleasant and the Scrim team on several projects including Scrims integration with Chimoney’s API and Wallets. It’s a no-brainer for us to acquire the Scrim App and help it grow. Working with members of the Chimoney team has been fantastic. Together, we’re going to take Scrim to new heights”, he added.
Reports reveal that Chimoney first took note of Scrim’s remarkable achievements in the social payments Fintech landscape when Scrim started integrating with Chimoney’s API.
Following the acquisition, the Scrim App will be relaunched in December 2023 with enhanced features powered from the ground up by Chimney’s API and Wallet as a Service (WaaS).
The relaunched app will have the following features such as global real-time payments, earning opportunities, and Shop with Scrim wallet balance.
Also, Scrim users will have the flexibility to withdraw their funds in a manner that suits them best. Options include transferring to bank accounts in more than 100 countries, converting to Airtime, using Mobile Money wallets in 17 countries, obtaining gift cards valid in 210 countries, engaging in cryptocurrencies across seven blockchains, or making purchases on platforms such as Amazon and Shopify.
With Chimoney’s API, global payouts are no longer a challenge but an opportunity. Chimney’s APIs enable payouts to Banks in 100 Countries, Mobile Money, Gift Cards, Airtime, and Crypto on seven Blockchains.
Scrim integration with Chimoney’s API and Payment infrastructure exemplifies how versatile and powerful Chimoney’s solutions are in the evolving landscape of digital payments, onramps, and offramps. This move is more than an acquisition; rather it is a reshaping of the global remittance narrative and making launching a global Fintech as easy as hosting a website on the Cloud.
From Financial uncertainty to Fintech trailblazer, Chimoney was launched out of a vision to empower individuals and businesses to send bulk pay-outs to recipients worldwide through emails and phone numbers.
The platform’s revolutionary approach enables businesses to seamlessly pay one or a million people across the globe with just a click, using only an email or phone number. This innovation is not just changing the way payments are made, it is also opening doors to financial accessibility and inclusion for people around the world.
With Chimoney’s remarkable payout platform, the startup is not only transforming the fintech landscape but also making global payments seamless and swift.