Finablr, a financial services holding company created by Abu Dhabi-based billionaire B.R. Shetty, has secured a majority stake in Swych, a U.S. headquartered digital gift card platform. Although financial details of the deal were not disclosed, the move comes as part of a follow-on investment into Swych.
It will join a portfolio of companies controlled by Finablr, which Shetty launched earlier this year to consolidate his financial services brands under one umbrella. That includes companies such as UAE Exchange, Travelex and Xpress Money, among others. Finablr is also designed to facilitate R&D efforts, investments and potential acquisitions—which has now resulted in the deal to acquire a controlling stake in Swych.
“Swych has a distinctive business proposition that complements the services offered by the Finablr network brands,” said Promoth Manghat, Finablr’s CEO, in a statement.
Founded in 2015, Swych allows users to buy and send instantly redeemable electronic gifts cards through a platform underpinned by retailers in the U.S., India, the Philippines, Canada, the U.K., Australia and the U.A.E., with planned projects in Japan and Latin America. The company also has international offices in Canada and India, from the latter of which it oversees Gift Cards India, a local gift card aggregator.
As part of the deal, Finablr plans to expand Swych’s network to reach a broader international audience, and going forward the companies will “share their experience and expertise to create enhanced gifting and payments experiences for consumers and businesses globally,” according to a press release.
Prior to the investment, in October 2018 Swych partnered with Finablr’s portfolio company Travelex, along with WeChat, to launch Travelex Pay, a service for Chinese travelers visiting the U.S.