Categories: Banking

Global payments platform Finablr posts 20 per cent earnings rise

Share

Global payments platform Finablr posted earnings of $182.3m (£142.2m) for the year to date this morning, up 22.1 per cent year on year.

The company’s margin for the year to date was 15.6 per cent.

Read more: Travelex-owner Finablr profit rise bolsters shares above float levels

The group also announced a number of commercial partnerships which had helped drive the company’s strong performance in 2019.

Last month Finablr partnered with Samsung to provide international money transfer through an in-app service to 47 countries, using Samsung’s built-in digital wallet.

The firm also announced partnerships with Airtel Africa, a telecoms company, to send money to over 100 countries, and a memorandum of understanding with China Union Pay to collaborate on cross border payments into mainland China.

Group chief executive officer Promoth Manghat commented on the results, saying: “Each of our three segments delivered strongly during the period as we continue to reap the benefits of a clear strategy and sharp focus on execution.

“As evidenced by recent partnership announcements in our B2B and Payment Technology Solutions segment, our technology credentials are an increasingly visible differentiator, as is Finablr’s capacity to innovate and deliver Fintech at scale.”

In May the UAE-based company floated on the London exchange for the first time, with difficult market conditions leading to a reduced price.

Shares fell almost eight per cent below the company’s listing price, trading at a low of 160p compared to a pricing at 175p per share.

Read more: Travelex owner Finablr lauches London IPO at reduced price.

The IPO price was significantly below an initially anticipated 210-260p range, which would have given the company an implied market value of about £1.2bn.

The firm owns UAE Exchange, Travelex and Xpress Money, and is chaired by 76-year-old Indian billionaire Bavaguthu Raghuram Shetty.

Main image credit: Getty

Published by
Edward Thicknesse