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Beleaguered Finablr, owner of #Ripple partner UAE Exchange, has been sold to a consortium for the princely sum of $1. UAE Exchange was the remittance arm of Finablr, run by the UAE Central Bank since March. There are some potential Ripple implications.
1/5 https://menafn.com/1101342778/Finablr-sold-to-UAE-Israeli-consortium-for-1
1/5 https://menafn.com/1101342778/Finablr-sold-to-UAE-Israeli-consortium-for-1
The $1 price reflects an obligation to pay 25% of any funds recovered, up to a max of $190 million. The Prism Group and Abu Dhabi's Royal Strategic Partners (RSP), who formed a consortium to purchase it.
2/5 https://indianexpress.com/article/business/companies/israeli-uae-group-to-buy-finablr-for-1-7109048/
2/5 https://indianexpress.com/article/business/companies/israeli-uae-group-to-buy-finablr-for-1-7109048/
Prism's non-exec chairman is frmr Israeli Prime Minister Ehud Olmert. They stated they intend " to create a world-leading, financial services platform for the emerging & frontier markets." -presumably using #Ripple partner UAE Exchange in their efforts
3/5 https://www.thenationalnews.com/business/uae-israel-consortium-strikes-deal-to-buy-finablr-1.1130702
3/5 https://www.thenationalnews.com/business/uae-israel-consortium-strikes-deal-to-buy-finablr-1.1130702
Finablr owns a number of remittance co's, some reportedly working with Ripple, that have now found functional ownership:
UAE Exchange - Ripple
Xpress Money - (TerraPay partner)
Unimoni - Ripple
Remit2India
Bayan Pay
(Travelex was previously sold off).
4/5
UAE Exchange - Ripple
Xpress Money - (TerraPay partner)
Unimoni - Ripple
Remit2India
Bayan Pay
(Travelex was previously sold off).
4/5
Two things stand out (besides the $1 purchase price)
1) Finablr had a 2B marketcap. The new owners are explicitly mentioning a desire to grow the remittance/fintech business.
2) The consortium seems possible because of recent political developments.
5/5
1) Finablr had a 2B marketcap. The new owners are explicitly mentioning a desire to grow the remittance/fintech business.
2) The consortium seems possible because of recent political developments.
5/5
Further sources:
https://www.unlock-bc.com/news/2020-03-17/uae-based-finablr-a-ripple-partner-in-dire-financial-situation
https://www.msn.com/en-ae/news/other/central-bank-takes-over-uae-exchange-operations/ar-BB11l8fU
https://menafn.com/1101342778/Finablr-sold-to-UAE-Israeli-consortium-for-1
https://www.nasdaq.com/articles/finablr-receives-takeover-bid-from-prism-advance-solutions-2020-10-06
https://www.ft.com/content/7831e992-7eb4-4b67-ae55-f8fd86279dd5
https://gulfbusiness.com/finablr-sold-for-1-to-israeli-uae-consortium/
https://indianexpress.com/article/business/companies/israeli-uae-group-to-buy-finablr-for-1-7109048/
https://www.finance-monthly.com/2020/10/travelex-owner-finablr-accepts-prism-takeover-bid/ https://www.reuters.com/article/finablr-m-a-idUSKBN28R1GX
https://www.unlock-bc.com/news/2020-03-17/uae-based-finablr-a-ripple-partner-in-dire-financial-situation
https://www.msn.com/en-ae/news/other/central-bank-takes-over-uae-exchange-operations/ar-BB11l8fU
https://menafn.com/1101342778/Finablr-sold-to-UAE-Israeli-consortium-for-1
https://www.nasdaq.com/articles/finablr-receives-takeover-bid-from-prism-advance-solutions-2020-10-06
https://www.ft.com/content/7831e992-7eb4-4b67-ae55-f8fd86279dd5
https://gulfbusiness.com/finablr-sold-for-1-to-israeli-uae-consortium/
https://indianexpress.com/article/business/companies/israeli-uae-group-to-buy-finablr-for-1-7109048/
https://www.finance-monthly.com/2020/10/travelex-owner-finablr-accepts-prism-takeover-bid/ https://www.reuters.com/article/finablr-m-a-idUSKBN28R1GX
