It’s been an exciting year for the fintech industry, which has continued to transform financial services and generate new and innovative business models. The fintech sector has reported a 14% growth since 2019, and the UK remained Europe’s primary investment hotspot. One of the most recent and promising investments comes from Prism Group AG, a private equity firm with offices in the UK, Switzerland and the Middle East founded by financiers Amir Nagammy and Guy Rothschild. Together with its partners, Prism Group AG has acquired Finablr, subject to regulatory approval, a financial services holdings company offering digital payments, lending, FX and other products.
We talked to serial entrepreneur Amir Nagammy about the progress of the acquisition so far, Prism Group’s plans for Finablr, and the importance of fintech in 2021.
News of the acquisition first broke in 2020, when Prism Group AG announced they were in advanced discussions with Bahrain’s BFC Group Holdings, with the aim of creating a regional, omnichannel financial services powerhouse in the Middle East. With a presence in 170 countries and brands such as Unimoni and Xpress Money, Finablr was a perfect match for Prism Group AG, which is known for investing in innovative companies.
Amir Nagammy explained that the deal is nearly complete, pending final regulatory approvals, and that Prism Group has ambitious plans for Finablr:
“We are excited about taking a major step towards creating a market-leading, pan-global financial services company in the region. We are at the start of a new era in the financial services industry in the Middle East, Asia, India and Africa, a market of over 2 billion people, and the combined group will be well-placed to play a leading role in the transformation of the sector. We also have additional acquisitions in our pipeline, which we hope to conclude in the coming months. We plan to leverage new technology to become the first truly omnichannel financial services company in the region, offering fast and efficient payment solutions for over 40 million clients.”
Amir Nagammy went on to add that acquisition is currently pending regulatory approval and that, in the interim, the Consortium has put in place a broad advisory team that will oversee Finablr’s restructuring. Among the team is management consultancy Alvarez & Marsal, which has many years of experience in performance improvement and corporate restructuring globally and has deep knowledge of financial services.
“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
It’s not the first time that Amir Nagammy has looked towards the fintech sector for lucrative investment opportunities. Known for his involvement with technology and financial services companies, the London-based investor told us that fintech has a pivotal role and that firms such as Finablr can be game-changers. Fintech is shaping a new era in financial services, and strategic moves like the one made by Prism Group AG will strengthen its infrastructure, getting it closer to the £216 billion mark forecasted by 2025.