Business

London Stock Exchange welcomes Finablr to the main market

London Stock Exchange welcomes Finablr to the main market

Dubai: London Stock Exchange on Thursday welcomes Finablr PLC (Finablr), a global payments and foreign exchange company, to open London’s markets for trading and to celebrate the listing of the Company’s shares on the Premium Segment of the Main Market of London Stock Exchange.

Finablr is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary technology.

UAE based Indian businessman, Dr B. R. Shetty, Founder and Chairman of Finablr said: “Today marks a momentous milestone for Finablr and the beginning of an exciting new era to support the ever-evolving needs of a global customer and I would like to take this opportunity to thank our global patrons for their trust and faith in our commitment.”

Finablr's largest shareholder and acknowledged by investors for star-studded track record of all round value creation, had bought UK-based Travelex in 2015 $1.1 billion.

The Finablr, as a group, has a global presence in over 170 countries, managed $114.5 billion in annual volumes for its clients in 2018. The group, comprises of UAE Exchange, Travelex Holdings and Xpress Money, among others, has been seeking to raise $200 million from the IPO.

Promoth Manghat, Group Chief Executive Officer of Finablr said: “We are delighted that Finablr has joined the London Stock Exchange’s Premium Market, providing a new platform to grow over the coming years.”

He added: “ We are very confident about the long-term prospects of the payments and foreign exchange solutions and the overarching presence of technology in such transactions and remain committed to generating the greatest value for our all our shareholders.”

The group claims to have built on the strength of their technology platform to provide best in class payments experiences to consumers and businesses. The group further claims that they are very well positioned to capture the future opportunities.

According to a press release on Wednesday, the Company managed over 150 million transactions in 2018, shifting the equivalent of $115 billion in volumes for its customers. Finablr has a broad global reach spanning over 170 countries and has relationships with more than 100 regulators.