EML states that the acquisition positions it as a global leader in Open Banking and card payments. EML is acquiring Sentenial, including its open banking product suite for an upfront enterprise value of EUR 70 million, plus an earn-out component of up to EUR 40 million.
According to Sentenial officials, the acquisition bodes well with the company’s ten year strategy to transition from a gift card company, to a General Purpose Reloadable company, and now extending that again to include digital payments, open banking and account-2-account payments within the the European market.
Sentenial’s open banking brand Nuapay is said to complement EML’s digital product suite starting in Europe and the UK. EML points to data that indicates the number of Open Banking users worldwide is expected to grow at an average annual rate of nearly 50% between 2020 and 2024, with the European market being the largest.
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