Rise in fortunes for Finablr as volumes rise


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • 9% rise in income for firm once Ebitda is factored in – and it’s ascribed in part to new partnerships
  • Firm, which is UAE-owned and is a holding company, went through an IPO earlier this year
  • "Each of our three segments delivered strongly during the period as we continue to reap the benefits of a clear strategy and sharp focus on execution", said Finablr group chief executive

International money transfer holding company Finablr has announced that its adjusted income has gone up by 9% over the last nine months.

The firm, which is based in the United Arab Emirates (UAE) and owns a wide range of well-known brands, including foreign currency firm Travelex, said that its adjusted income had gone up to the equivalent of $1.2bn.

The time period used for this calculation was the nine-month period until September 30th – suggesting that the year has, on the whole, been a positive one for the firm.

The company’s figures were adjusted on the basis of Ebitda, which accounts for a range of conditions such as depreciation and taxation.

Finablr posted the news in a statement made to the London Stock Exchange, as that is where it is listed.

It has only been listed there since May, when it found itself valued at around $1.6bn during its initial public offering (IPO).

The firm, which is a holding company, oversees operations in over 170 nations.

It is believed to look after volumes of around $114.5bn for its clients.

Just last month, the firm managed to score a range of new partnerships.

These included firms as diverse as China Union Pay to Samsung.

According to Promoth Manghat, who is group chief executive of the firm, the strong performance occurred across the board rather than in one particular area.

"Each of our three segments delivered strongly during the period as we continue to reap the benefits of a clear strategy and sharp focus on execution", he said.

The rise in the amount managed by the firm showed "robust organic growth and deepening commercial ties with our partners, as well as the incremental benefit of seasonality", he added.

An investment bank, EFG Hermes, indicated that the deals which the firm has struck with other institutions around the world could be part of the force behind the positive news.

"The recent deals support medium-term growth in Finablr’s B2B [business to business] segment, a key driver of group Ebitda growth and higher Ebitda margins over the medium term", EFG Hermes said.

Press coverage of the news in the UAE has been largely positive and reflects the broad geographical range of Finablr as a provider.

One newspaper emphasised the fact that the firm’s main markets are in Asia.

These are believed to include Pakistan, India and the Philippines.

To stay ahead of the curve on matters relating to the cross border payments scene, check out our magazine pages.

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