GoCardless signs deal with EML Payments to acquire Nuapay
UK-based paytech GoCardless has inked an agreement with EML Payments to acquire its payment services subsidiary Sentenial, which operates under the Nuapay brand, for an undisclosed sum.
GoCardless set to acquire Nuapay
GoCardless expects the purchase to broaden the reach of its bank payment platform to a wider blue-chip customer base, including independent software vendors (ISVs) and payment service providers (PSPs).
Founded in 2003, Nuapay’s account-to-account platform facilitates instant payments, direct debits, authenticated mandates, inbound and outbound credit transfers and embedded accounts for businesses through open banking technology.
EML has owned the company since 2021, when it purchased Sentenial in a €110 million deal.
GoCardless views the proposed integration of these services as a means to “unlock new vertical sectors and use cases”, specifically in the arenas of payroll, utilities, insurance, gaming and gambling, following on from the launch of its own open banking payments service in April 2021.
In 2022, the company also acquired Nordigen, a freemium open banking data provider based in Latvia that boasts open banking connectivity with over 2,300 banks in 31 countries across Europe.
In 2023, GoCardless laid off 15% of its workforce in the UK, US, Australia and New Zealand, or about 135 roles, as part of wider cost reduction plans.
