In December 2020, a consortium comprising Prism Group AG and Abu Dhabi’s Royal Strategic Partners (RSP) acquired payments company Finablr.
Finablr is a money transfer business with huge potential; it was listed on the London Stock Exchange, had over 18,000 employees, an operational global network of 170 countries and revenues of £1 billion. By Investing in the company, Prism Group and RSP now have access to Finablr’s successful brands such as Xpress Money, Unimoni and UAE Exchange.
This same financial consortium has also acquired the Bahrain Financing Company (BFC), which works in money transfer and currency services and has a presence in Bahrain, India and Kuwait. By merging Finablr and the BFC, the consortium is creating the largest money transfer group in the region, as was recently reported in August 2021. The new entity is rebranding as Wizz Financial.
The deal has generated great excitement among all parties involved. “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, the Chairman & Co-Founder of Prism Group AG with 25+ years of experience in scaling companies internationally, said: “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.
