Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London initial public offering (IPO).
The company announced yesterday that the financial brands will come together under a new UK-based group, Finablr.
“We’re still working on an IPO but there is no commitment at the moment in terms of when that will happen,” said Binay Shetty, executive director at Finablr told Arabian Business. "At that moment, it’s too early, but we are working on that track."
In 2016, BR Shetty told Arabian Business an IPO was confirmed for United Global - the holding company of currency houses - in the third quarter of 2017, with the intent of selling 30 percent of its shares on the London Stock Exchange (LSE).
He said LSE had been selected due to its high quality investment regulations and solid market capitalisation.
Shetty’s UAE-based NMC Healthcare has been listed on LSE since 2012, growing a whopping 1,650 percent since it started trading, with a current
In line with Finablr’s launch, non-UAE operations of UAE Exchange will be rebranded as Unimoni, which stands for universal money.
UAE Exchange plans to increase its share of the $575bn global remittance industry to more than 10% by 2020. Chief executive Promoth Manghat said the firm has used 40% of its $250-300m dedicated to acquisitions.
This month, the firm also invested in a US-based digital money transfer company, though Manghat, who is also executive director of Finablr, declined to name it.
Last year, the company launched France-based mobile multi-currency bank Ditto, and invested in US digital gifting concept Swych in the US. It also partnered with RippleNet, a blockchain network with over 100 banks and financial institutions, to enable seamless cross border payments.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.