
UAE Exchange Centre
Investments
3Portfolio Exits
2Partners & Customers
10About UAE Exchange Centre
UAE Exchange is a financial services brand. The brand offers a full suite of diversified and innovative financial solutions in money transfer, foreign exchange and payments solutions. The company was founded in 1980 and is based in London, England. On July 18th, 2022, UAE Exchange was acquired by Wizz Financial. The terms of the transaction were not disclosed.

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Latest UAE Exchange Centre News
Sep 23, 2021
September 23, 2021 The UAE Central Bank has approved in principle for fintech Wizz Financial to acquire 100 per cent of UAE Exchange Centre. This in-principle approval for change of control satisfies a main formality required for the completion of the transfer of the business of the Finablr Group pursuant to the sale and purchase agreement entered into by all parties in December 2020, a statement said. Once finalised, UAE Exchange will launch its branch network in the UAE. Wizz Financial was launched recently by Prism Group and its partner Royal Strategic Partners (RSP) which specialises in payment solutions. “We are delighted to receive in-principle approval from the Central Bank of the UAE, and we are very thankful for the confidence, support and commitment the Central Bank and senior leadership of the country have shown us,” said Wizz Financial co-founder and group chairman Amir Nagammy. “We help our customers flourish by making their financial transactions easier and faster, ensuring the smooth and timely movement of payments across the globe. The Central Bank of the UAE’s in-principle approval will enable Wizz Financial to position UAE Exchange at the forefront of fintech developments and cement the UAE’s reputation for innovation in this dynamic market sector, so essential to us all,” said Ebrahim E. Nonoo, Wizz Financial executive chairman of the Money Remittance & FX Division. “Our collaboration with Wizz Financial reinforces our commitment to offer our customers access to the most convenient, integrated financial solutions in the UAE. We are pleased to be part of the continuing UAE success story, creating innovative products and employment opportunities to serve the evolving economy,” said Royal Strategic Partners CEO Dr. Hamed Al Ali.
UAE Exchange Centre Investments
3 Investments
UAE Exchange Centre has made 3 investments. Their latest investment was in Souqalmal as part of their Series B on October 10, 2017.

UAE Exchange Centre Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
10/3/2017 | Series B | Souqalmal | $10M | Yes | 6 | |
9/13/2017 | Series A | |||||
6/12/2017 | Series A |
Date | 10/3/2017 | 9/13/2017 | 6/12/2017 |
---|---|---|---|
Round | Series B | Series A | Series A |
Company | Souqalmal | ||
Amount | $10M | ||
New? | Yes | ||
Co-Investors | |||
Sources | 6 |
UAE Exchange Centre Portfolio Exits
2 Portfolio Exits
UAE Exchange Centre has 2 portfolio exits. Their latest portfolio exit was Souqalmal on March 21, 2022.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
3/21/2022 | Corporate Majority | 3 | |||
Date | 3/21/2022 | |
---|---|---|
Exit | Corporate Majority | |
Companies | ||
Valuation | ||
Acquirer | ||
Sources | 3 |
UAE Exchange Centre Partners & Customers
10 Partners and customers
UAE Exchange Centre has 10 strategic partners and customers. UAE Exchange Centre recently partnered with Standard Chartered on July 7, 2019.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
7/15/2019 | Partner | United Kingdom | Standard Chartered Bank partners with UAE Exchange for Cash Management Services. The new partnership will enable the corporate clients of Standard Chartered to deposit cash in their bank accounts through UAE Exchange 's vast retail network of 150 + branches across all seven emirates in the UAE . | 1 | |
3/6/2018 | Partner | United Arab Emirates | The partnership will see UAE Exchange support the overall programme portfolio of Emirates Foundation which aims to improve the welfare of the youth across the UAE and create a positive social impact for a sustainable future . | 1 | |
2/28/2018 | Partner | United Arab Emirates | The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner , thereby extending the Online Money Transfer capabilities of UAE Exchange especially to the blue-collared workers . | 2 | |
2/14/2018 | Partner | ||||
2/8/2018 | Partner |
Date | 7/15/2019 | 3/6/2018 | 2/28/2018 | 2/14/2018 | 2/8/2018 |
---|---|---|---|---|---|
Type | Partner | Partner | Partner | Partner | Partner |
Business Partner | |||||
Country | United Kingdom | United Arab Emirates | United Arab Emirates | ||
News Snippet | Standard Chartered Bank partners with UAE Exchange for Cash Management Services. The new partnership will enable the corporate clients of Standard Chartered to deposit cash in their bank accounts through UAE Exchange 's vast retail network of 150 + branches across all seven emirates in the UAE . | The partnership will see UAE Exchange support the overall programme portfolio of Emirates Foundation which aims to improve the welfare of the youth across the UAE and create a positive social impact for a sustainable future . | The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner , thereby extending the Online Money Transfer capabilities of UAE Exchange especially to the blue-collared workers . | ||
Sources | 1 | 1 | 2 |
UAE Exchange Centre Team
4 Team Members
UAE Exchange Centre has 4 team members, including current President, Sudhir Kumar Shetty.
Name | Work History | Title | Status |
---|---|---|---|
Sudhir Kumar Shetty | President | Current | |
Name | Sudhir Kumar Shetty | |||
---|---|---|---|---|
Work History | ||||
Title | President | |||
Status | Current |
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