Finablr to spend $200m of IPO money on expansion

📆 5/26/2019 11:10 PM
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United Arab Emirates company raised $400m in an initial public offering on the London Stock Exchange earlier in May

26 May 2019 - 20:49Abu Dhabi — Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier in May to expand both organically and through acquisitions, CEO Promoth Manghat said on Sunday.

“This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy,” he said. The investment, over the next two to three years, will be made in its existing businesses across the Middle East, Asia and Africa as well as in the payments business in Europe and the US, Manghat said.

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