Finablr increases its stake in Swych, with a follow-on Series B investment to become a majority shareholder
UAE-based billionaire businessman Dr BR Shetty's holding company Finablr has increased its stake in Swych, a digital gifting platform, with a follow-on Series B investment to become a majority shareholder.
With further exposure to the fast-growing digital gifting industry, Finablr will leverage its network’s leadership and global presence to bring Swych’s gifting network to a broader international audience, a statement said.
Promoth Manghat, executive director and CEO of Finablr, said: “At Finablr, we facilitate access for consumers and businesses to the digital economy. To deliver on that promise, we are constantly looking to innovate and partner with companies providing exceptional products and services.
"Swych has a distinctive business proposition that complements the services offered by the Finablr network brands. We have collaborated closely with Swych’s high-calibre team on exciting projects over the last year. We will seek to continue building on this successful partnership through our majority stake in the company.”
Finablr, a UK-based holding company, was launched earlier this year to consolidate Shetty's global portfolio of financial services brands including UAE Exchange, Travelex, Xpress Money and others.
Finablr will comprise over 18,000 employees and handle more than 150 million customer transactions every year.
Deepak Jain, CEO and founder of Swych, added: “The presence of Finablr network companies in key international markets with millions of consumers has the potential to greatly accelerate Swych’s mission.
"This investment is a testament to the robustness of our business model and will be invaluable as we look to take digital gifting to global audiences.”
Going forward, Finablr and Swych said they will share their experience and expertise to create enhanced gifting and payments experiences for consumers and businesses globally.
In October, Swych partnered with Travelex, a Finablr network company, and WeChat to launch Travelex Pay, a new service for travellers from mainland China visiting the United States.
Founded in late 2015, Swych operates a global gifting network from its headquarters in Plano, Texas. The company also has international offices in Canada and India, from where it oversees Gift Cards India, a gift card aggregator in India.