EML Payments (ASX: EML) has obtained approval from French and British regulators for the full acquisition of Sentenial Limited, its Nuapay brand. EML says the acquisition positions it as a global leader in Open Banking and card payments.
EML acquires Sentenial, adding its suite of open banking products for an initial business of €70 million (A$108. 6 million), plus a top-up component worth up to €40 million (A$62. 1 million).
Sentenial’s open bank brand, Nuapay, is expected to complement EML’s suite of virtual applications from Europe and the UK.
Tom Cregan, managing director and CEO of EML Group, said they have been working with Sentenial for months to coordinate their marketing strategy:
“Strategically, this is a vital acquisition for us, proceeding our transition over the more than ten years from a corporate gift card to a general purpose rechargeable corporate one, and expanding it again to include virtual invoices, open banking and the 2-account invoice account. , giving us an exclusive set of functions in the European market. Similarly, we’re excited to welcome the entire Sentenial team to the EML family, and once the adventure opens, we’ll meet them all in person.
Sean Fitzgerald, founder and CEO of Sentenial, said the acquisition represents a significant investment for long-term growth:
“We are excited to offer those benefits to our partners and leverage our long-standing reputation as a choice provider for open banking and 2-account payments. “
EML issues insights indicating that the number of international Open Banking users is expected to grow at an average annual rate of approximately 50% between 2020 and 2024, with the European market being the largest.