The consortium (the “Consortium”) of Prism Group AG (“Prism”) and Abu Dhabi’s Royal Strategic Partners (“RSP”) has appointed independent investment bank Moelis & Company to advise on the restructuring and transformation of the Finablr Ltd and its subsidiaries (the “Group”), the global payment solutions group it agreed to acquire in December 2020.
Prism formed a consortium with RSP to complete the purchase of Group at the end of last year – since when the Consortium and Finablr Plc have been working in conjunction with regulators and stakeholders to conclude the formalities of the acquisition. In addition, the Consortium has been funding urgent working capital needs to stabilise the business and to preserve value and is seeking to restart operations and develop a business plan for the Group going forward.
The acquisition will enable acquisitions to restart and secure the future of the Group, which is a major provider of cross border financial services in the United Arab Emirates. The products it offers include currency exchange and remittance solutions services to more than 25 million customers and over 1,500 corporate partners in more than 45 countries.
Moelis & Company is one of the world’s leading independent investment banks, with a market-leading position in the Middle East and North Africa. It will advise the Consortium’s SPV Global Fintech Investment Holdings (GFIH) on developing a capital structure proposal to be presented to the Group’s financial creditors in the coming weeks.
Moelis & Company has advised a succession of leading international companies on corporate restructuring and transformation programmes in the United Arab Emirates (UAE), where Finablr is based, and it has a strong and well-established global fintech practice. The appointment of Meolis & Company represents a significant milestone in the consortium’s plan to recapitalise the company on behalf of its customers, employees and stakeholders. It will lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020, along with the group’s others leading products. They include global money transfer group Xpress Money and businesses in international markets including India.
The Consortium intends to revitalise the Group in order to secure the status of UAE Exchange and Xpress Money as key pillars of the UAE’s financial system in one of the world’s most dynamic, exciting and fastest-growing business destinations. Its transformation of the Group will create a world leading
financial services platform for both emerging and frontier markets. Dr. Hamad Al-Ali, CEO of Royal Strategic Partners, said: “Together with our partners, we have continued to make tremendous progress over the past months with the leading global advisors assisting us on this deal. Our engagement of Moelis as our financial advisor is yet another testament to our commitment to reviving the business swiftly whilst keeping in mind the best interests of its lenders, customers and employees.”
Mr. Robert Miller, Finablr Group CEO added: “I fully support the appointment of Moelis as we continue to work with our stakeholders to restore the financial
stability of Finablr. I am thankful to the leadership of the UAE, its regulators, our creditors, and all our stakeholders for their engagement and support as we push forward with transaction with the Consortium to revitalise the Company’s operations in the UAE and beyond.”
Speaking from Prism’s regional office in Dubai, (the company is headquartered in Switzerland) co-founder Amir Nagammy said: “We are committed to implementing a long term group-wide transformation programme at Finablr so that it can better serve its customers, strengthen its balance sheet and play a leading role in driving economic growth in the UAE.”
“The fintech market is evolving rapidly and Finablr’s transformation will build on its proprietary technology to ensure that it is well placed to drive further innovation and investment in leading digital payment platforms and services for all its global customers”.
Mr. Nagammy added: ““The leadership of the UAE should be commended for the admirable decision it has taken to keep the country open for business in times of crisis including, when it has been safe to do so, the recent COVID-19 pandemic. The entrepreneurial spirit of the UAE has helped to establish the country as a major regional and international hub for global blue-chip corporations and investors.”
“Together with Royal Strategic Partners, the Consortium is committed to working with all of the Finablr Group’s stakeholders to build a major international fintech company that can contribute to the continued economic and commercial success of the UAE.”