Amir Nagammy, the London-based entrepreneur known for his fintech investments in the Gulf region, has announced a new strategic acquisition by Prism Group AG, the Swiss-based private equity firm he co-founded with Guy Rothschild.
Together with Abu Dhabi’s Royal Strategic Partners, Prism Group AG is in the process of taking over Finablr, a global digital payments platform which includes strategic brands such as Xpress Money and UAE Exchange, and aims to revitalise it. We sat down with Amir Nagammy to talk about his plans to restore Finablr and the importance of fintech investments in the current business environment.
Plans for the acquisition were announced in late 2020, alongside plans to acquire Bahrain-based BFC creating the largest remittance and currency exchange business in the Middle East . Given Finablr’s complicated past and recent obstacles, the acquisition seems like a good match for Prism Group AG, a firm that is known for taking over challenging, but promising, companies and revitalising them. Prism Group AG has offices in Switzerland, the UK, and the GCC region, and will play a central role in restructuring Finablr.
According to Prism’s Amir Nagammy, the consortium is awaiting regulatory approval to complete the transaction. The stakeholders have already put together a leading team of advisors to discuss potential ways of reviving the payments system platform. Management consultants Alvarez & Marsal are taking part in the restructuring process.
“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.”
Finablr is present in 170 countries and, before the news about its debts surfaced, its technology was considered the one of the best in the field. Finablr was listed on the London Stock Exchange, with a market cap of over £1 billion and £82 billion in annual transaction activity in 2018. With a portfolio that includes many innovative payment technology firms, , Prism Group AG was a perfect match for Finablr.
According to Chairman Amir Nagammy, it is one of the core beliefs of Prism Group AG that fintech is one of the most promising technology sub-sectors and that the expertise of the group, combined with Finablr’s innovative tech, will yield exceptional results.
The importance of this acquisition is even greater in the context of the rapid expansion of the fintech sector. By the latest estimates, fintech is on track to reach £216 billion by 2025 and grow at a CAGR of 22.17%. The rapid adoption of fintech services has also been facilitated by the COVID-19 pandemic, as more and more people have started using digital payments. A recent analysis by McKinsey has found that even sceptical consumers are now starting to embrace digital payments and, even after the pandemic ends, people are unlikely to return to previous payment habits that relied heavily on cash. The financial services industry will shape the world, and as the infrastructure for digital payments is getting more robust, the demand is also expected to grow.
It’s not the first time that Amir Nagammy has sought game-changing fintech investments and, under his guidance, Finablr’s journey will definitely be an exciting one. With the proper funding and advisors, the company’s technology has the potential to grow and recover from the financial hurdles it is currently experiencing.
Companies such as Finablr are pivotal to the development of the Fintech sector and, as demand for advanced payments solutions continues to grow, the role of international platforms such as Prism is about to get even bigger.
About Amir Nagammy
Amir Nagammy is a London-based investor and entrepreneur focused on the technology and financial services sectors. He is the founder and Chairman of Prism Group AG, with offices in Switzerland, the UK and the Gulf, which backs established companies and startups that leverage technology to drive transformation in the financial services, biotechnology, and renewables industries. Educated at the University of Derby and Swinburne University of Technology, Amir has a 25-year track-record building and scaling companies in the UK, GCC, and emerging markets.