Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier this month to expand both organically and via acquisitions, its chief executive said on Sunday.
The United Arab Emirates-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the London Stock Exchange. Half of that amount was raised selling new shares.
"This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy," Promoth Manghat told Reuters. Expansion plans also include acquisitions focused on intellectual property and technology and across payments and foreign exchange, he said. The investment, over the next two to three years will be made in its existing businesses across the Middle East, Asia and Africa as well as in the payments business in Europe and the United States, Manghat said.
Finablr will continue to strengthen partnerships with payment technology companies such as Google India, China's WeChat and others and expand in high growth markets in the Middle East, Asia and Africa that are on the cusp of digital transformation, he said.
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