finnCap Cavendish (Cavendish), part of financial advisory firm finnCap Group, has advised on the sale of Sentenial Group and its open banking brand Nuapay, an end-to-end payments platform specialised in account-to-account transactions, to EML Payments, an Australian-listed payments technology company for EUR108 million.
Through its regulated subsidiary Nuapay, Sentenial operates in the fast-growing European-open banking sector. The Group powers a complete set of payments for credit transfers, direct debits, instant payments and open banking. Over EUR44 billion worth of transactions is processed annually across 37 countries, with some EUR1/4 trillion processed to date.
Under the Sentenial brand, the Group’s original SaaS business model provides white-label use of its payment processing technology to banks and corporates. Nuapay combines Sentenial’s bank-grade payments platform with regulated services in a next-generation alternative payments and open banking solution.
With open banking set to fundamentally change the way we move money over the next decade, the EML – Nuapay product proposition combines open banking data enrichment with instant account payment capability to create a modern friction-free digital user experience.
The deal will see EML acquire 100 per cent of Sentential to form EML Nuapay.
Ben Goldring, Director & Head of Financial Services at Cavendish, says: “It has been a pleasure working with Sean, Brian, Nick and the team at Sentential and Nuapay. They have built a leading fintech group with bank-grade payments and an open banking platform built for the future. The online payments sector is fast-moving and highly active, and I’m hugely excited to build on Cavendish’s considerable experience in this space with this landmark transaction.”
Sean Fitzgerald, CEO of Sentenial, says: “This partnership will enable us to accelerate our global growth plans by investing in our people, technology, sales and marketing. I would like to thank the whole team at Cavendish for providing advice and guidance on this transformational transaction.”
Tom Cregan, CEO of EML Payments, says: “By combining Sentenial and EML’s capabilities we will create a world-first platform, offering customers the ability to send and receive real-time bank account payments and transactional banking data, and establishing EML as a full-service payments business.”
