Bank payment company GoCardless has finalized the purchase of Nuapay from Australian firm EML Payments Limited. This acquisition will help GoCardless bolster its indirect channel proposition and expedite the deployment of new offerings that will permit customers to not only collect but also send money through the platform. Regulators have granted approval to this transaction, which will enable the FinTech firm to explore new vertical sectors like payroll, financial services, utilities, insurance, gaming, and gambling.
Nuapay has been at the forefront of Open Banking and account-to-account payments for over 20 years. It processes more than €42 billion yearly as an outsourcing provider to leading banks, payment service providers, and corporates. On the other hand, GoCardless is a global leader in direct bank payments and caters to over 85,000 businesses worldwide, processing more than $35 billion of payments annually across 30+ countries.
“The acquisition of Nuapay adds breadth and depth to our offering, positioning GoCardless as a full-service bank payment provider,” stated Paul Stoddart, president at GoCardless. He stated that products aimed at reducing fraud and improving payment success, combined with the ability to send and collect money through GoCardless, would result in greater competitiveness in existing markets while opening doors to new ones, ultimately leading to the acceleration of their strategy.
Brian Hanrahan, CEO of Nuapay, expressed his excitement to join forces with GoCardless, which he lauded for its remarkable track record and growth prospects. According to him, GoCardless has made significant strides toward its objective of becoming the world’s bank payment network, and joining forces at this time would allow Nuapay to contribute to the journey.
