GoCardless has agreed to acquire Nuapay for an undisclosed amount.
GoCardless anticipates the move will expand its availability, as well as help it launch new products for additional verticals, including payroll, financial services, utilities, insurance, gaming, and gambling.
The agreement has not been finalized and is currently subject to regulatory approvals.
Bank-to-bank payments company GoCardless announced it has agreed to acquire Nuapay. The financial terms of the agreement, which is subject to regulatory approvals, have not been disclosed.
The Nuapay brand is owned by EML Payments, which was founded in 2003 and headquartered in Australia, where it trades on the New York Stock Exchange under the ticker EML. EML Payments acquired Nuapay in 2021 for an undisclosed amount. Nuapay itself was originally founded in 2017 and is headquartered in Ireland. The company launched to leverage open banking to power account-to-account payments. In addition to pay-by-bank services, Nuapay also offers credit transfers, direct debits, verified payouts, and more.
“How the world pays and gets paid is being transformed, with account-to-account payments and open banking playing the central role in that shift. Building on that shared vision, this acquisition will result in a combined organization with deep domestic and international payments and open banking expertise plus the scale to harness these opportunities for our clients and partners,” said Nuapay Co-founder and CEO Brian Hanrahan.
GoCardless anticipates that acquiring Nuapay will expand the availability and influence of GoCardless’ services through partners and intermediaries, including Independent Software Vendors (ISVs) and Payment Service Providers (PSPs). The company also expects the deal will strengthen GoCardless’ standing as a significant player in the payment industry, potentially increasing market share, enhancing its reputation, and improving its competitive advantage.
As for more concrete benefits, integrating Nuapay’s offering into GoCardless’ bank payment platform will help GoCardless launch new products for additional verticals. Some of the new use cases could include payroll, financial services, utilities, insurance, gaming, and gambling.
“Nuapay is an established account-to-account payment provider and open banking specialist with a blue chip customer base,” said GoCardless Co-founder and CEO Hiroki Takeuchi. “Its business is perfectly aligned to our growth strategy, and will accelerate our vision to become the world’s bank payment network.”
GoCardless, which describes itself as being “on the path to profitability,” has recently launched Embed, its white-label customer acquisition tool for PSPs, and has signed partner agreements with Plend, Bluefort, Moss, and others.
Photo by Karolina Grabowska
