A Kildare-based financial services company has been bought in a deal worth up to €110 million.
Maynooth Business Park-based Sentenial Group has been bought by Brisbane company EML Payments Ltd for an upfront payment of €70 million, plus a further earn-out component of up to €40 million. The deal is expected to be completed later this year.
Sentenial is a cloud-native, API-first, full-stack enterprise-grade payments company, which processes €45 billion annually for 1,750 banks across Europe.
The company, and its open banking brand Nuapay, operate in the fast-growing European Open Banking sector. It will provide EML with the capabilities to manage payments across Mastercard and Visa, account-to-account, and both card and non-card payments.
EML intends to expand Sentenial's platform and products into the North American and Australian markets. Post-completion of the acquisition, the combined group is expected to become one of the largest FinTech enablers in Open Banking and Prepaid globally.
Sean Fitzgerald, founder and CEO at Sentenial, said: “Nuapay’s mission is to be the best way to pay and get paid. We are proud to have developed a market-leading Account-to-Account and Open Banking payments platform over nearly two decades in business. The revolution in payments caused by Open Banking and Real-Time Payments is rapidly building momentum globally, and we are hugely excited by this opportunity to move to a global scale as part of EML. From the moment EML approached us, we’ve been impressed by their vision, ambition and growing ecosystem.''