EML Payments acquires open banking brand Nuapay in €110m deal
EML Payments has acquired Sentenial and open banking brand Nuapay in a €110 million move to improve its product suite.
The agreement sees EML acquire 100% of Sentenial for an upfront enterprise value of €70 million and an earn-out component of €40 million.
EML intends to expand Sentenial’s platform and products into the North American and Australian markets.
It says that the combined group will become “one of the largest fintech enablers in open banking globally”. It will process in excess of €57 million.
Completion of the deal is subject to regulatory approval with he acquisition completing later this year.
EML Payments offers prepaid card schemes, and operates an enterprise platform it claims can process €45 billion per year.
“EML has transitioned over the years from primarily a gift-card company to a company with a diverse revenue base,” says EML managing director Tom Cregan.
“The acquisition of Sentenial will be the next evolution for EML, as we transition into a broader payments business.”
Sentenial is connects to 1,750 banks across Europe, its Nuapay brand provides open banking services, reconciliation, and batch settlement.
“Nuapay’s mission is to be the best way to pay and get paid,” says Sean Fitzgerald, founder and CEO of Nuapay.
“We are proud to have developed a market-leading open banking payments platform over nearly two decades in business.
“We are hugely excited by this opportunity to move to a global scale as part of EML. From the moment EML approached us, we’ve been impressed by their vision, ambition and growing ecosystem.”