Bank payment company GoCardless has completed the acquisition of Nuapay from listed Australian firm EML Payments Limited.
GoCardless says the deal for Sentenial Ltd, operating under the Nuapay brand, will significantly scale its indirect channel proposition and fast-track the rollout of new capabilities that will enable customers to send as well as collect money through GoCardless.
Originally announced in March and now cleared by regulators, it will allow the FinTech to unlock new vertical sectors and use cases in areas including payroll, financial services, utilities, insurance, gaming and gambling.
Nuapay, founded more than two decades ago, is a pioneer of Open Banking and account-to-account payments. It processes over €42 billion every year as an outsourcing provider to many of the world’s leading banks, payment service providers and corporates.
GoCardless is a global leader in direct bank payments. It helps more than 85,000 businesses, from startups to household names, collect both recurring and one-off payments without chasing or expensive fees. Each year GoCardless processes more than $35 billion of payments across 30+ countries.
“Nuapay adds breadth and depth to our offering, positioning GoCardless as a full-service bank payment provider,” said Paul Stoddart, president at GoCardless.
“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.”
Brian Hanrahan, CEO of Nuapay, 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.”