Finablr to spend $200m of IPO money on expansion
UAE-based company raised $400m in IPO on the London Stock Exchange earlier in May
Abu Dhabi — Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier in May to expand both organically and through acquisitions, CEO Promoth Manghat said on Sunday. The United Arab Emirates-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400m 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,” he said. 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 US, Manghat said. Finablr will continue to strengthen partnerships with payment technology ...
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