Amir Nagammy is a London-based entrepreneur with more than 25 years of experience in building and scaling companies in the UK, GCC, and other emerging markets economies, especially in the financial services industry. He completed his education at the University of Derby, England, and at the Swinburne University of Technology, Australia. Alongside Guy Rothschild, Amir Nagammy co-founded and chairs Prism Group AG, a private equity firm that leverages the potential of disruptive technologies to transform traditional business models, from financial services to life sciences and renewables. Amir Nagammy’s hands-on approach to business motivated him to embark on a new venture – acquiring Finablr and turning around its fortunes.
Finablr is a money transfer business that was listed on the London Stock Exchange. In 2018, the company had over 18,000 employees, an operational global network of 170 countries, and revenues of £1 billion. In 2019 the company processed over 150 million transactions worth £82 billion. However, the company collapsed in early 2020 after hidden debts of £1.3 billion suddenly surfaced.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners partnered up in December 2020 and agreed to buy the assets of Finablr. These industry giants believe the company has huge potential and deserves to be saved. From a profitability point of view, investing in the company also means having access to successful companies such as Xpress Money, Unimoni and UAE Exchange. This deal was part of Amir Nagammy’s strategy of targeting financial technology leaders across MENA and Europe, drawing on a team of investment professionals and technology experts based out of Prism AG’s offices in the UK, Switzerland, and the UAE. This merger has the potential to create the largest remittance services and currency exchange group in the MENA region, with more than 24 million customers.
Amir Nagammy stated earlier in 2021: “We want to leverage our licenses and existing infrastructure in the GCC, India and Africa to be more than just a remittance company. Our aim is to empower the people left behind by traditional financial institutions to achieve their financial goals and life aspirations. The epicenter of delivering this vision will be cutting-edge technologies such as digital wallets and machine learning.”
The advent of fintech may provide a feasible solution to the financial constraints and the challenges associated with financial inclusion through mobile phone penetration, low transaction fees and innovation. To guide them through this process, Prism Group AG has brought in experts Alvarez & Marsal, who will help with due diligence on future acquisitions as well as course-correcting Finablr.
The significance of this acquisition is even greater in the context of the rapid expansion of the fintech sector. By the latest estimates, fintech is on track to reach £216 billion by 2025 and grow at a CAGR of 22.17%. The rapid adoption of fintech services has also been facilitated by the COVID-19 pandemic, which has expedited the transition to digital payments, making fintech even more instrumental to modern society.