Priya PatelTLDR:
GoCardless has signed a deal with EML Payments to acquire its subsidiary Nuapay. This acquisition aims to expand GoCardless’ reach to a wider customer base, including ISVs and PSPs. Nuapay’s account-to-account platform offers various payment solutions through open banking technology. GoCardless sees this integration as an opportunity to enter new sectors like payroll, utilities, insurance, gaming, and gambling.
Article Summary:
UK-based paytech GoCardless has announced the acquisition of EML Payments’ subsidiary, Nuapay, for an undisclosed amount. This move is expected to help GoCardless expand its bank payment platform to a wider blue-chip customer base, including ISVs and PSPs.
Nuapay, founded in 2003, offers an account-to-account platform that facilitates instant payments, direct debits, authenticated mandates, and other services through open banking technology. EML Payments had acquired Sentenial, the parent company of Nuapay, in a €110 million deal back in 2021.
GoCardless aims to leverage Nuapay’s services to unlock new vertical sectors like payroll, utilities, insurance, gaming, and gambling. This acquisition follows GoCardless’ launch of its own open banking payments service in April 2021 and the acquisition of Nordigen, an open banking data provider, in 2022.
Details about the sale of Sentenial and the closing date of the transaction have not been disclosed yet. The acquisition is expected to have a significant impact on GoCardless’ market presence and offerings in the fintech industry.
