UK-based bank payment company GoCardless has wrapped up the acquisition of Sentenial, operating under the Nuapay brand, from EML Payments.
The financial terms of the deal were not revealed.
EML Payments is an Australian payments company and Nuapay is its open banking business.
Announced in March this year, the transaction will considerably scale GoCardless’ indirect channel proposition. The deal will also expedite the launch of new capabilities to allow customers to send and collect money through GoCardless.
Moreover, GoCardless intends to solidify its position as a major payment provider to existing and new customer segments including independent software vendors (ISVs) and payment service providers (PSPs).
Nuapay CEO Brian Hanrahan said: “We’re excited to join GoCardless, a company with an amazing track record and great growth prospects.
“GoCardless has been making huge strides towards its vision of becoming the world’s bank payment network and given the rapid developments in account-to-account payments, it’s a great time to come onboard and contribute to the journey.”
According to GoCardless, rolling out new capabilities will be the company’s first product priority. It will enable the fintech firm to explore new vertical sectors and use cases in areas including payroll, financial services, utilities, insurance, gaming and gambling.
GoCardless is engaged in empowering over 85,000 businesses, from start-ups to household names, to collect both recurring and one-off payments, eliminating the need for chasing, stress or expensive fees.
The company is said to process over $35bn of payments across more than 30 countries every year.
GoCardless president Paul Stoddart said: “Nuapay adds breadth and depth to our offering, positioning GoCardless as a full-service bank payment provider.
“The ability to both send and collect money via our platform, plus products that help merchants improve payment success and reduce fraud, will make GoCardless more competitive in our existing markets and help us enter new ones. This will ultimately accelerate the delivery of our strategy.”
