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A merger-in-the-works may form a super-FinTech based out of BahrainMENA

A merger-in-the-works may form a super-FinTech based out of Bahrain

The UAE-Israeli group that acquired UAE Exchange is now in merger talks with Bahrain’s BFC Group Holdings to create a remittance and payments firm (BFC Group includes BFC Forex and BFC Payments, so it’s pretty fitting). The new entity will target over 24 million customers across 30 countries – that’s a pretty big deal!

Prism Group AG and Abu Dhabi’s Royal Strategic Partners came together in December 2020 to buy the assets of Finablr Plc, the London-listed payments firm that collapsed after disclosing more than $1b in hidden debts. Wheeeeew.

why it matters
As the merger discussion is now at an advanced stage, it’s likely the deal will be finalized by the second quarter, according to a statement from Prism and Royal Strategic Partners.