London Stock Exchange Welcomes Finablr Plc To The Main Market
London Stock Exchange today 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. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses.
The Company is primed for growth as it benefits from structural drivers, such as the globalisation of commerce driven by migration and mobility, cross-border trade, growth of e-commerce and the creation of connected communities. Through category-renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr sits at the centre of these intersecting trends, with an ability to serve both the end consumer and global corporates.
Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution. An integrated platform is at the heart of the Company’s proposition, supporting its omni-channel strategy with best-in-class operating capabilities and connectivity to global payment networks. This allows the Company to develop a deep understanding of its customers’ requirements and deliver a range of solutions tailored to their lifestyle and business needs.
In 2018, the Company managed over 150 million transactions, 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. The truly global reach of the company, sophistication of its technology and the economies of scale of its platform have made Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment and technology companies.
Priced on 15 May 2019, Finablr’s listing marks an important milestone for the business as it continues to grow. On admission, the Company reached a market capitalisation of $1.60 billion (£1.23 billion), having raised $200 million (£153 million) to finance its future ambitions. The Company’s successful listing on London Stock Exchange highlights strong investor support and reflects the strength of the business. Dealing in Finablr’s ordinary shares will take place under the ticker “FIN LN”.
Dr. B R Shetty, Founder and Co-Chairman of Finablr:
““Today marks a momentous milestone for Finablr and the beginning of an exciting new era to support the Company’s growth and development. We are very confident about the long term prospects of the business and remain committed to generating the greatest value for our all our shareholders. I would like to take this opportunity to thank our global teams for their passion and commitment.”
Michael Tomalin, Co-Chairman of Finablr:
“With a deep understanding of the payments industry, an experienced management team and a clearly defined growth strategy, Finablr is well-positioned to create long-term value for its stakeholders. The company has demonstrated strong and consistent performance over the last four decades and can now build on this track record through its listing on the London Stock Exchange.”
Promoth Manghat, Group Chief Executive Officer of Finablr:
“We are delighted that Finablr has joined the London Stock Exchange’s Premium Market, providing a new platform from which to grow over the coming years. As a group, we have built on the strength of our technology platform to provide best in class payments experiences to consumers and businesses and we are very well positioned to capture the future opportunities ahead of us. I would like to thank our customers and partners for the trust and confidence that they have placed with us as well as our teams for their dedication and entrepreneurial mindset which has allowed us to reach this milestone.”
Barclays, Goldman Sachs and J.P. Morgan Cazenove acted as Joint Global Co-ordinators and Joint Bookrunners, with EFG-Hermes, BofA Merrill Lynch and Numis also acting as Joint Bookrunners to the listing. Evercore acted as financial adviser to Finablr.
In the Press:
Emirates News Agency : Finablr lists shares on London Stock Exchange
Trade Arabia : Finablr celebrates London Stock Exchange listing
Gulf Today : Finablr lists shares on LSE