Finablr to spend $200mln of IPO money on expansion - CEO | ZAWYA MENA Edition:
Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier this month to expand both organically and via acquisitions, its chief executive said on Sunday.
The United Arab Emirates-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the London Stock Exchange. Half of that amount was raised selling new shares.
"This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy," Promoth Manghat told Reuters.
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