Abu Dhabi state investor Mubadala invests in troubled Travelex foreign exchange firm

A fund owned by Abu Dhabi state investor Mubadala, has taken a 3.4% stake in London-listed payments firm Finablr, which is best know here for its foreign exchange operation Travelex.

Finablr, whose London-listed shares have been suspended, had expressed doubts about its ability to continue as a going concern and said its chief executive would step down.

It said it had engaged an accounting firm to undertake rapid contingency planning for a potential insolvency. “They have taken a stake, over the past several weeks, in Finablr, reaching a level of disclosure required by the regulators,” a Finablr spokesman said.

Finablr was founded by BR Shetty, who also established troubled UAE hospital operator NMC Health, which earlier this month asked for an informal debt standstill to stabilise its finances.

Finablr’s troubles come after problems at its Travelex business, which was hit by a ransomware attack late last year. The company is also facing disruption to its business from the coronavirus crisis. Travelex competes against Irish-based Fexco and others in foreign exchange services.

Finablr’s other company, UAE exchange, has suspended all new transactions at UAE branches, it said. The firm, which has over 150 branches in the UAE, engages in money transfers, foreign exchange and payments services.

- Reuters and Irish Examiner reporting