Finablr re-brands as Wizz Financial and merges with leading money transfer and payments group 

4274

Payments company Finablr is being rebranded as Wizz Financial and merging with newly acquired BFC Group Holdings to create one of the largest fintech groups in the MENA region, as was recently reported in August 2021. Wizz Financial specialises in cross-border payments, foreign exchange, micro-lending, digital wallets, and B2B payment technology solutions.

In December, a consortium comprising Switzerland-headquartered Prism Group AG and Abu Dhabi’s Royal Strategic Partners acquired Abu Dhabi-headquartered payments company Finablr.

Finablr was previously listed on the London Stock Exchange and in 2018 had over 18,000 employees, an operational global network of 170 countries, and revenues of £1 billion. “The deal creates the largest remittance services and currency exchange group in the MENA region and becomes the only operator with a direct presence in all six GCC countries,” a Wizz Financial statement said.

Amir Nagammy, Chairman & Co-Founder of Prism Group AG with 25+ years of experience in scaling companies across the globe, echoed these feelings in his comments, saying, “I am proud to be leading Prism Group AG in creating Wizz Financial, which will be a global financial powerhouse and a market-leading financial technology firm with the ability to raise levels of financial inclusion and prosperity across the world. We are already the largest remittance services and currency exchange group in the MENA region, and through this merger, we now have 1500 corporate and institutional clients in over 30 countries and upwards of 200,000 locations worldwide. Wizz Financial is in the process of consolidating additional remittance providers and alternative financial institutions onto our platform which will allow all parties involved to grow their business significantly.”

About Prism Group: Amir Nagammy is a London-based technology and fintech entrepreneur, investor, and financier. Alongside Guy Rothschild, he co-founded Prism Group AG, a private investment firm headquartered in Switzerland with partners and offices in Britain and the United Arab Emirates, that leverages the potential of disruptive technologies to transform traditional business models, from financial services to life sciences and renewables, with a primary focus on emerging markets.