Deal strengthens opportunities for partnerships and growth in the digital gifting industry
Abu Dhabi, UAE and Plano, TX – 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.
Commenting on the transaction, Promoth Manghat, Executive Director and CEO of Finablr, said: “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. Swych has a distinctive business proposition that complements the services offered by the Finablr network brands. We have collaborated closely with Swych’s high-calibre 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.”
Deepak Jain, CEO and Founder of Swych, 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. 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.”
Going forward, 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 cross-border 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 includes category 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, Swych operates 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.
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About Finablr
Finablr is a global platform that brings together full-service Payments and Foreign Exchange solutions underpinned by proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr network companies provide a broad array of tailored and trusted financial solutions for consumers, corporates and enterprises across a worldwide network of retail stores, digital channels and payments platforms. With a network reach spanning over 160 countries and regulated by 95 regulators worldwide, Finablr network companies help customers achieve their desired lifestyles and their business goals by developing a deep understanding of their requirements, designing and delivering a range of solutions tailored to their needs.
With category renowned brands, such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India and Ditto, in its fold, the Finablr network processed over 150 million transactions in 2017, touching a billion lives.
Finablr seeks to lead the evolution of the financial services industry and is at the forefront of disruptive trends, investing in new innovative companies via its subsidiary, Finablr Ventures. Through its incubator and accelerator programmes, Finablr provides growing companies with access to its ecosystem of products and services, compliance and proprietary technology.
For more information, visit the Finablr website: www.finablr.com
About Swych
Swych is a mobile gifting platform enabling users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 600+ popular brands. Swych users can instantly buy, send, re-gift, upload, “swych” and redeem gift cards conveniently from their mobile device.
Swych is part of the Finablr network of brands.
With category renowned brands in its fold, Finablr provides a broad array of innovative and trusted financial solutions for consumers, corporates and enterprises, through its deep regulatory know-how, relentless focus on technological innovation and a global network of retail stores, digital channels, payments platforms and industry partnerships.
The Swych app is available for download on iOS and Android. For more information, please visit http://www.goswych.com. For Gift Cards India, please visit http://giftcardsindia.com and http://www.giftcardsindia.in
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