Israeli-UAE consortium buys payments firm Finablr

Payments company Finablr is selling its entire business and operations to an Israeli-United Arab Emirates consortium for a nominal $1 after running into financial difficulties, the company said on Thursday.

Global Fintech Investments Holding (GFIH), an affiliate of Prism Group AG, has partnered with Abu Dhabi’s Royal Strategic Partners to buy the business, Finablr said in a statement.

GFIH will provide working capital to support Finablr so it can continue to operate and support various stakeholders, including its employees and creditors, the statement said.

Finablr, which listed shares in London in 2019, warned of potential insolvency in March and it brought in law firm Skadden to investigate any historic potential misconduct and misappropriation of its assets.

Some companies backed by Indian billionaire BR Shetty, who owns a controlling stake in Finablr, have come under severe financial strain after it emerged this year they had undisclosed debt and alleged fraudulent transactions had taken place.