According to a report by ibsintelligence.com, published on 17th of September, 2019, Travelex, a part of the United Arab Emirates-based company Finablr, is all set to roll out a FinTech business-to-business (B2B) platform known as Travelex Business.
As the news broke out, Gareth Williams, the chief product & innovation officer at Travelex stated that working with Finablr has helped their company adapt to a modern engineering culture that will allow them to self-organize teams to architect the new & advanced set of services.
He stated that Travelex Business leverages agile services to make sure that the companies make quicker marketing decisions which help to increase their total sales revenues as well as improve the customers’ engagement. He also emphasized that the alliance with Finablr will not only allow Travelex to continuously innovate & improve their products & services but will also allow Travelex to provide comprehensive solutions tailored as per the requirements of the customers along with giving the customers the liberty to experiment with all the available choices as per their convenience.
The new platform will be characterized by an Application Program Interface (API) led functionality to facilitate cash management, retail currency conversion & cross-border cash transfer for the customers.
It was conveyed through the press release that Travelex is an independent foreign exchange authority that aids both the physical & digital cross-border money movement globally, through international money-transfer service and assists banknote delivery of major & exotic exchanges.
After having a hard time finding the investors, Finablr launched a London initial public offering (IPO) in May under the ticker “FIN LN”. The IPO price was well below the anticipated 210 – 260 pence range. The top 5 investors including BlackRock, Columbia Threadneedle, Norges Bank & two UE investors acquired about 50% of the shares on offer.
Dr. B. R. Shetty, Founder & co-chairman of Finablr stated that they were pretty confident about the long-term prospects of the business & reiterated their organizational commitment to generate the greatest value for all the shareholders.
Founded in the year 1976, Travelex is a part of Finablr (a global podium for Payments & Foreign Exchange Solutions). The company is headquartered in London & specializes in providing the Financial Services with deep regulatory know-how, technology expertise & industry-leading partnerships. Finablr services for customers & businesses include spheres such as Foreign Exchange, Travel Money & Foreign Bank Payments. Travelex is present in over 27 countries & over 1200 stores at both on-airport & off-airport locations across the globe.
Strengthened by ultra-modern proprietary technology Finablr is a global platform for Payments & Foreign Exchange solutions. Headquartered in Abu Dhabi, Finablr has omnipresence across the entire payments & foreign exchange value chain which starts from origination to processing to last-mile distribution. Driven by technology, the platform combines flexibility & significant economies of scale which enables Finablr to partner with leading global banks, financial institutions, retailers, mobile wallet providers & payment & technology companies.
The global reach of the Finablr group facilitated transactions worth 150 million in the year 2018, including transactions with renowned brands such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto & Switch.