What opportunities does the future hold for Finablr under its new owner, Prism Group AG? Prism co-founder and serial entrepreneur Amir Nagammy spoke to us about his company’s ambitious plans for Finablr, and how they plan to revitalize the fintech company.
In April 2020, The Financial Times reported that Finablr would be taken over by Prism Group AG, an private equity firm with offices in the UK, Switzerland and the Middle East that invests in established technology and financial services companies.
The game-changing acquisition was made alongside Abu Dhabi’s Royal Strategic Partners, which together with Prism will restart Finablr and its industry-leading portfolio of fintech holdings. In a recent statement, Prism Chairman Amir Nagammy, best known for his investments in the financial technology field, announced that the acquisition is pending regulatory approval:
“We are pleased to confirm that our initial due diligence on the acquisition of Finablr Ltd is complete and we are looking forward to winning regulatory approval for the deal so that we can stabilise the business and implement our ambitious expansion plans.”
Amir Nagammy has also announced that the stakeholders have assembled an advisory team to transform Finablr into one of the largest regional providers of payment systems. Alvarez & Marsal, the world’s leading restructuring advisor, for example, will also be assisting Prism in transforming and relaunching Finabl and seeking new expansion opportunities for the financial group.
Indeed it’s a complex project, but with a previous market value exceeding £1.5 billion, Finablr has exciting potential. Prior to the acquisition, Finablr was listed on the London Stock Exchange, and in 2018, the company had over 18,000 employees and revenues of £1 billion. Globally, Finablr’s network includes operations in 170 countries and the company processed over 150 million transactions worth £82 billion in its latest year of operation.
As one of the leading private equity firms in the fintech sphere, Prism has many years of experience investing in and scaling high-potential companies like Finablr by leveraging expertise and technology to ensure their projects achievetheir true potential.
As for Amir Nagammy, his keen interest in disruptive tech start-ups is already well-known. His investment philosophy is focused on the potential of the technology sector, particularly in the GCC, and over the years he has helped many regional and global start-ups overcome initial funding challenges to achieve their potential.
Finablr is a strategic investment for Prism, and considering the meteoric growth of the global payments industry in 2020, it will definitely be interesting to see the fintech platform bounce back. According to a recent McKinsey report, the coronavirus pandemic has triggered a major shift in buying behaviour and new consumer trends have created a need for modern payment solutions. The user rate of contactless payments and mobile payments has also grown – what used to be a luxury feature is now the standard for millions of mobile users, and the payment habits that many have adopted during the pandemic are expected to last in a post-pandemic world.
Digital payments are one of the most exciting fintech sub-sectors, one that will continue to attract funding in the near future, and with the right management and funding, Finablr has high chances of success. Although reviving Finablr will be a challenging journey, the partnership marks the beginning of a new chapter and Amir Nagammy’s experience in the tech field will be an invaluable asset in discovering new opportunities.
About Amir Nagammy
Amir Nagammy is a serial entrepreneur and investor in technology and financial services companies – from start-ups to established market leaders. Amir Nagammy is co-founder and Chairman of Prism Group, a private equity firm with offices in the UK, Switzerland and the UAE. Founded in 2017, Prism Group aims to leverage the potential of disruptive technologies to transform traditional business models, from financial services to the life sciences and renewables. As an investor, Amir Nagammy has a hands-on approach to helping his portfolio companies reach their full potential, and loves challenging projects, such as turning around under-valued high-potential companies. Amir Nagammy is actively involved in charity projects in the UK and the UAE such as Cancer Research UK, and firmly believes that giving back to the community is essential.