Monday 19 August 2019

Travelex owner weighs up London stock market float

United Arab Emirates-based Finablr specialises in payments and currency exchange.

Travelex owner Finablr is considering a London stock market flotation (PA)
Travelex owner Finablr is considering a London stock market flotation (PA)

By Ravender Sembhy, Press Association City Editor

The owner of currency exchange Travelex is mulling a stock market flotation in London as it looks to raise 200 million US dollars (£152.9 million).

United Arab Emirates-based Finablr, which specialises in payments and currency exchange, said that if it pursues an initial public offering (IPO), the proceeds will be used to finance further expansion and reduce debt.

BR Shetty, the group’s co-founder and chairman, said: “We have tremendous opportunities ahead of us and we are well placed to capture these through the significant investments we have made in building capabilities and the strong management team we have put in place.

“I am very excited about what we have built and this is the right time to consider the future growth of Finablr and whether the business would benefit from becoming a listed company.”

Finablr is also behind brands such as UAE Exchange, Unimoni, Xpress Money and Remit2India.

Last year it processed more than 150 million transactions valued at 114.5 billion US dollars (£87.5 billion) in volume terms.

Barclays, Goldman Sachs and JP Morgan are among a raft of banks enlisted to help with the firm’s plans.

Chief executive Promoth Manghat said: “Our key differentiator is operating right across the global payments value chain, supported by agile and scalable technology.

“From origination to processing to distribution, we own it – we believe that puts us in a fundamentally different place to anyone else in the market.”

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