Bank payment company GoCardless has completed the acquisition of Sentenial Ltd, operating under the Nuapay brand, from EML Payments Limited (ASX: EML).
The deal, which was announced in March, will significantly scale GoCardless’ indirect channel proposition and fast-track the rollout of new capabilities that will enable customers to send as well as collect money through GoCardless.
Introducing these capabilities will be the first product priority for GoCardless, allowing the fintech to unlock new vertical sectors and use cases in areas including payroll, financial services, utilities, insurance, gaming and gambling.
Paul Stoddart, President at GoCardless, 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.”
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."