Sentenial, which owns Open Banking brand Nuapay, has been bought by EML Payments for $110 million.

Sentenial, which is currently connected to 1,750 banks, is a cloud-native payments company which processes around €45 billion euros a year. The company is dually regulated in the UK and France.

Nuapay is an Open Banking product which provides merchants with a number of features, including complete reconciliation and batch settlement of transactions.

EML intends to expand Sentenial’s platform and products into the North American and Australian markets.

The company said that the combined group is “expected to become one of the largest FinTech enablers in Open Banking and Prepaid globally.”

“Nuapay’s mission is to be the best way to pay and get paid,” said Sean Fitzgerald, founder & chief executive, Sentenial. “We are proud to have developed a market-leading Account-to-Account and Open Banking payments platform over nearly two decades in business.

He added: “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.''

Tom Cregan, EML’s managing director & group chief executive commented on the buyout: “EML has transitioned over the years from primarily a gift-card company to a company with a diverse revenue base across multiple prepaid products. The acquisition of Sentenial will be the next evolution for EML, as we transition into a broader payments business by adding instant account-to-account (Open Banking) payments into our suite of solutions for current and prospective customers.”

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