Steinhausen, Zug, Switzerland, 07/26/2021 / Prism Group AG /
Amir Nagammy is a London-based technology and fintech investor and entrepreneur, with 25+ years of experience in building and scaling companies in the UK, GCC, and emerging markets. Alongside Guy Rothschild, he co-founded and chairs Prism Group AG, a private equity firm headquartered in Switzerland with offices in the UK and the UAE. Prism Group AG funds innovative businesses that leverage disruptive technologies to drive transformation in the financial services, biotechnology, and renewables sectors. Mr. Nagammy values a very hands-on approach to business and has personally stated how much he loves a challenge – which is one of the reasons he’s taken on the task of turning Finablr around.
Finablr is a money transfer business that was a market leader in the industry: It was listed on the London Stock Exchange, and in 2018, the company had over 18,000 employees, an operational global network of 170 countries, and revenues of £1 billion. The company processed more than 150 million transactions worth £82 billion in 2019. However, the company collapsed in early 2020 after hidden debts of £1.3 billion emerged.
In December 2020, Prism Group AG, alongside Abu Dhabi-based Royal Strategic Partners, chose to acquire Finablr’s assets. They see the company has huge potential and deserves to be saved. According to Nagammy, if the company had been left to become insolvent, tens of millions of people around the world who rely on Finablr to send money to support their families would be affected by its collapse. However, there is also an incredible chance for profitability behind this deal: Acquiring the business will be an investment in the future, as payment solutions like Finablr and its portfolio of innovative fintech assets, including Xpress Money and UAE Exchange, have boomed during the pandemic. The Covid-19 crisis has expedited the transition to digital payments, making fintech even more instrumental to modern society.
Amir Nagammy stated: “We want to leverage our licenses and existing infrastructure in the GCC, India and Africa to be more than just a remittance company. Our aim is to empower the people left behind by traditional financial institutions to achieve their financial goals and life aspirations. The epicenter of delivering this vision will be cutting-edge technologies such as digital wallets and machine learning.”
Prism Group AG has brought in consultants Alvarez & Marsal, who will help remedy Finablr’s funding challenges and expand the business. They will restructure the company to improve efficiency and make it a success once again, benefiting all those involved. In fact, the deal has the potential to benefit the economies of the Middle East, Asia, and the UK. Prism and Finablr are international companies, and this deal could strengthen relations between European and emerging markets, creating many jobs and business opportunities.
Media Details –
Company – Prism Group AG
Email – [email protected]
City – Steinhausen, Zug
Country – Switzerland
Release ID: 25142
DISCLAIMER of Liability. IN NO EVENT SHALL OUR PR COMPANY BE LIABLE OR RESPONSIBLE TO YOU OR ANY OTHER PERSON FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR EXEMPLARY DAMAGES OF ANY KIND, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR LOST OPPORTUNITIES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES IN ADVANCE AND REGARDLESS OF THE CAUSE OF ACTION UPON WHICH ANY SUCH CLAIM IS BASED, INCLUDING, WITHOUT LIMITATION, ANY CLAIM ARISING OUT OF OR IN CONNECTION WITH ANY OF THE CONTENT, INCLUDING, WITHOUT LIMITATION, AUDIO, PHOTOGRAPHS, AND VIDEOS, OR OF THE ACCURACY, RELIABILITY, OR LEGALITY OF ANY STATEMENT MADE IN OR OMITTED FROM ANY advertisement, sponsorship, endorsement, testimonial, opinion, or other product-related or service-related statement or review appearing in the Websites or in ANY post or article distributed via the Websites.