UAE-based Finablr is looking to capitalise on investor interest in payments processing with plans for an IPO on the London Stock Exchange.
A holding company for UAE Exchange, Travelex and Xpress Money, Finablr processed $114.5bn of payments in 2018.
The company has hired a string of financial advisers and is said to be weighing plans for a $200m IPO.
Bavaguthu Shetty, co-chair of Finablr Shetty, says: “We have tremendous opportunities ahead of us and we are well placed to capture these, through the significant investments we have made in building capabilities and the strong management team we have put in place. I am very excited about what we have built and this is the right time to consider the future growth of Finablr and whether the business would benefit from becoming a listed company.”
Payment processing is a hot stock opportunity, with scale economics driving a range of M&A transactions and IPOs in the sector. Neighbouring Middel Eastern processor Network International last month confirmed plans for a partial float on London's main market after securing a $300 million cornerstone investment from Mastercard. The stock went live today, raising £1.1 billion and valuing the company at £2.2 billion. The listing is the largest ever technology IPO from a MEA-based firm globally and the largest technology company to list on London Stock Exchange since 2015.