Finablr buys majority stake in digital gifting platform Swych
Times News Service
MUSCAT: Finablr, a global platform for payments and foreign exchange solutions, has increased its stake in Swych, a digital gifting platform, with a follow-on Series B investment to become a majority shareholder.
With further exposure to the fast-growing digital gifting industry, Finablr will leverage its network’s leadership and global presence to bring Swych’s gifting network to a broader international audience.
“At Finablr, we facilitate access for consumers and businesses to the digital economy. To deliver on that promise, we are constantly looking to innovate and partner with companies providing exceptional products and services,” Promoth Manghat, executive director and chief executive officer (CEO) of Finablr, said.
High-calibre team
“Swych has a distinctive business proposition that complements the services offered by the Finablr network brands. We have collaborated closely with Swych’s highcalibre team on exciting projects over the last year. We will seek to continue building on this successful partnership through our majority stake in the company,” he added.
“The presence of Finablr network companies in key international markets with millions of consumers has the potential to greatly accelerate Swych’s mission. Finablr network brands’ entrepreneurial culture combined with its focus on innovation and strong team is highly synergistic with our own core values at Swych, Deepak Jain, CEO and Founder of Swych, said.
“This investment is a testament to the robustness of our business model and will be invaluable as we look to take digital gifting to global audiences,” he added.
Finablr and Swych will share their experience and expertise to create enhanced gifting and payments experiences for consumers and businesses globally. This will be managed through Swych Blockchain Labs, a subsidiary of Swych and a dedicated centre of excellence located in Plano, Texas, established to develop and incubate pioneering FinTech products across blockchain, payments, digital wallets and crossborder e-commerce.
In October 2018, Swych partnered with Travelex, a Finablr network company, and WeChat to launch Travelex Pay, a unique new service for travellers from mainland China visiting the United States. Aimed at simplifying cashless spending, Travelex Pay enables WeChat Pay’s 800 million users to utilise digital gift cards offered by Swych for spending at more than 200 US retailers.
The Finablr network of companies includescategory renowned brands, such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India and Ditto, and handles more than 150 million transactions per year. The network reaches over 160 countries, touching a billion lives through its digital channels, retail stores and agent locations.
Founded in late 2015, Swychoperates a global gifting network from its headquarters in Plano, Texas. The company also has international offices in Canada and India, from where it oversees Gift Cards India, a gift card aggregator in India. Swych’s digital gifting network comprises of retailers in the USA, India, Philippines, Canada, the UK, Australia and the UAE, with future projects coming up in Japan and Latin America.