Mubadala has made the stake acquisition in Finablr through MIC Capital Partners, a fund owned by Mubadala’s investment arm- Mubadala Investment Company.

A Mubadala spokesperson told the media, “They have taken a stake over the past several weeks in Finablr, reaching a level of disclosure required by the regulators.”

Reportedly, Finablr’s stock has dropped more than 90 percent before trading was suspended earlier this week. Finablr has also hired an adviser and is working on a rapid contingency plan.

Its chief executive officer Promoth Mangha has recently resigned from his post.

According to the company, it is investigating cheques worth $100 million, dating back to before its IPO last year that may have been used as security for financing arrangements for the benefit of third parties.

In a stock exchange filing, the company said, “The board is looking to put in place a package of urgent measures aimed at restoring confidence and stability across its stakeholders.”

The company has also hired Kroll, a New York-based corporate investigations and risk consulting firm, to look into the matter.

According to reports published earlier this month, Mubadala is also considering investing in NMC Health which was also founded by Dr. B. R. Shetty, founder of Finablr.

Mubadala is considering options such as buying a stake in NMC Health and also acquiring a board seat.

Mudabala’s decision to invest in NMC Health comes at a time when the healthcare company is undergoing an investigation by the UK’s Financial Conduct Authority over allegations of fraud.

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Finablr cross-border payments service in collaboration with Samsung is a first of its kind in the US. The app offers cross-border payments to 47 countries using a whole suite of pay-out methods within Samsung Pay. Samsung’s money transfer service ranges from bank deposits to cash

The app allows users to view the transfer fee and exchange rate before paying the recipient. This feature is supported by Finablr’s subsidiary Travelex, according to the reports. 

Sang W. Ahn, vice president and division head of content and services at Samsung Electronics America, told the media that, “Our consumers are global and have friends and family around the world. Samsung is enabling users to send money from the US to the rest of the world by making it simple, secure and transparent.”

Samsung plans to expand its remittance platform to other countries in 2020. Currently, it is available only to US customers. 

The money transfer service is Samsung’s first move toward making Samsung Pay a user-friendly platform for users. Samsung aims to simplify users’ financial activities through the app. 

Mobile wallets are largely popular in countries such as India and China. Platforms such as Alipay, WeChat Pay and Paytm are becoming quite popular. Apple Pay is one of the biggest players in mobile payments, followed by PayPal which supports cross-border payments through its Xoom remittance platform.

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