finnCap Cavendish (“Cavendish”), part of financial advisory firm finnCap Group plc, is pleased to announce it has advised on the sale of Sentenial Group and its open banking brand Nuapay, a leading end-to-end payments platform specialised in account-2-account transactions, to EML Payments, an Australian-listed payments technology company for €108 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 €44 billion worth of transactions is processed annually across 37 countries, with some €1/4 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% of Sentential to form EML Nuapay.

Ben Goldring, Director & Head of Financial Services at Cavendish, commented:

“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 said:

“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 said:

“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.”