GoCardless To Purchase Nuapay From EML Payments

GoCardless is establishing a complete bank payments service through the purchase of open banking company Nuapay, from EML Payments located in Australia. EML Payments was acquired by GoCardless for a sum of €32.75 million.

EML is selling off the Irish company Sentenial, operating as Nuapay, three years after acquiring the company for an initial enterprise value of €70 million.

GoCardless Seeks To Become The Top Bank Payment Network Globally

According to GoCardless, Nuapay will expand its indirect channel offering. This will cement its position as an important provider to new and existing customer segments such as Financial Service Providers and software developers.

GoCardless will also integrate Nuapay’s solution into its Banking Payment System. This move will accelerate the launch of advanced disbursement features to its clients. The integration is intended to open up vertical segments and use cases in fields like gambling, gaming, insurance, utilities, financial services, and payroll.

The Chief Executive Officer of GoCardless, Hiroki Takeuchi stated that Nuapay is an open banking specialist and a recognised account-to-account payment provider with a prestigious customer base. He added that the company’s growth strategy aligns with that of GoCardless and it will speed up their goal of becoming the top bank payment network in the world.

EML bought Sentenial to enter the European and UK markets. But now it considers the Nuapay business as Not central to its operations and unsuccessful, with an estimated A$2 million EBITDA deficit for the entire year 2024.

GoCardless Aims To Revolutionize Fintech And Global Transactions

GoCardless is a fintech firm, that specializes in bank transactions such as Open Banking, Debit processing, and recurring payments. With its office located in London, it offers a payment gateway that allows enterprises to set up and handle invoices, subscriptions, and payments through automated processes.

In 2022, GoCardless reportedly managed about $30 billion worth of transactions yearly and functions in the United States, Canada, New Zealand, Australia, the European Union, and the United Kingdom.

Established in 2011 by some students at Oxford University, Tom Blomfield, Matt Robinson, and Hiroki Takeuchi, GoCardless’s initial objective was poised at small and medium-sized enterprises.

The firm has offered a platform for both small and medium-sized enterprises to gather recurring payment solutions through direct debit. In 2012, the firm acquired £1.5 million in funding from investors such as Salesforce and Accel Partners, Google Ventures, and Y Combinator.

In 2013, GoCardless initiated its services in the United Kingdom, and then broadened its presence into Europe in 2014, including Spain, Germany, and France. The firm generated approximately $22.5 million in a Series D funding round, accumulating an overall funding of $47.2 million in 2017.