In a €32.75 million deal, GoCardless is acquiring open banking company Nuapay from Australia's EML Payments to become a full-service bank payments provider.
In a €32.75 million deal, GoCardless is acquiring open banking company Nuapay from Australia's EML Payments to become a full-service bank payments provider.
Three years after purchasing Sentenial, an Irish company that goes by the Nuapay brand, for an upfront enterprise value of €70 million, EML is selling the company.
unicorn payments in the UK According to GoCardless, Nuapay plans to expand its indirect channel offering and strengthen its position as a major supplier to both current and potential client groups, such as payment service providers and independent software vendors.
Additionally, in an effort to open up new use cases and vertical sectors in industries like payroll, financial services, utilities, insurance, gaming, and gambling, GoCardless will quickly integrate Nuapay's offering into its bank payment platform.
"Nuapay is an established account-to-account payment provider and open banking specialist with a blue chip customer base," says Hiroki Takeuchi, CEO of GoCardless. Its operations are in complete harmony with our growth plan and will expedite our goal of becoming the global bank payment network.
EML bought Sentenial with the intention of dominating the UK and European markets, but as of right now, the Nuapay division is unprofitable and "non-core" to its business, with an estimated A$2 million Ebitda deficit for the whole year 2024.
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