Restructuring of Finablr Ltd and Its Subsidiaries

Prism formed a consortium with Abu Dhabi’s Royal Strategic Partners to complete the purchase of the group at the end of last year. The consortium and Finablr have been working together with regulators and stakeholders to conclude the formalities of the acquisition. The consortium has also been funding urgent working capital needs to stabilize the business and preserve value and is seeking to restart operations. Finablr agreed to sell off its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of £1.5bn ($2bn) a year earlier. Moelis & Company 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. The appointment is also expected to lead to the re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020, along with the group’s other leading products. They include global money transfer group Xpress Money and businesses in international markets including India. 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