Concerns emerge over Irish-founded Prepaid Financial Services Shares in new owner EML Payments suspended in Sydney on ‘regulatory’ worries
about 3 hours ago
EML agreed originally to buy Prepaid Financial Services, which was founded by Co Meath couple Valerie and Noel Moran in 2008, for an upfront payment of AUS$453.6m. File photograph: The Irish Times
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Shares in Australian fintech EML Payments were suspended in Sydney on Monday as it raced to deal with a notification from the Central Bank of Ireland highlighting “significant regulatory concerns” surrounding the Irish-founded Prepaid Financial Services (PFS) it acquired last year.
Australian payments company EML has agreed to buy Irish-based Sentenial Limited in a deal worth up to â¬110 million.
The deal includes an up-front payment of â¬70 million, with an earn-out component of up to â¬40 million.
Sentenial is a cloud-native enterprise-grade payments company, operating in the European open banking sector with its Nuapay brand. It is regulated in the United Kingdom and France, and processes â¬45 billion per annum.
The acquisition will provide EML with the capabilities to manage payments across Mastercard and Visa, and account to account, as well as both card and non-card payments.
EML will expand Sentenialâs platform and products into the North American and Australian markets. The combined group will process in excess of A$90 billion in gross debit volume
Australian payments company EML has agreed to buy Irish-based Sentenial Ltd in a deal worth up to â¬110 million.
The deal includes an upfront payment of â¬70 million, with an earn-out component of up to â¬40 million.
Company filings show its shareholders include chief executive Sean Fitzgerald; Enterprise Ireland; former Smurfit Kappa chief Gary McGann; Eamonn Quinn, son of the late Superquinn founder Feargal Quinn; former minister for finance Charlie McCreevy; and former Anglo Irish Bank executive Tiarnan OâMahoney.
Sentenial is a cloud-native enterprise-grade payments company, operating in the European open banking sector with its Nuapay brand. It is regulated in the UK and France, and processes â¬45 billion per annum.
Irish fintechs secured $400m in transactions and investment in 2020
Written by Robert McHugh, on 12th Mar 2021. Posted in Technology
The Irish fintech industry secured $68.6 million in M&A, venture capital and private equity transactions across ten deals in the second half of 2020, according to the latest KPMG Pulse of Fintech for the second half of last year, a bi-annual report tracking global fintech VC, PE & M&A investment trends.
The investment secured in the second half of last year falls below H2 totals in previous years, of $104.8 and $97.9 in 2019 and 2018 respectively. It follows a record start to 2020, where $328.6 million was secured by Irish companies in VC, PE and M&A, dominated by the landmark $162 million acquisition of Irish-founded Prepaid Financial Services by Australia’s EML Payments, which was the largest strategic M&A deal of fintech globally in the first half of 2020.