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Today: Jun 13, 2024

GoCardless levels up with Nuapay acquisition for fintech banking growth.

1 min read

TLDR:

  • GoCardless has agreed to acquire competitor Nuapay from EML Payments to accelerate its strategy in becoming a full-service bank payments provider.
  • The acquisition will enable GoCardless to expand its offerings, including new disbursement capabilities and advanced functionalities.

Bank payments company GoCardless has announced its acquisition of Nuapay, EML Payments’ open banking business, as part of its accelerated strategy to become a full-service bank payments provider. The deal, subject to regulatory approval, will allow GoCardless to scale its indirect channel proposition and strengthen its position as a key payments provider to Independent Software Vendors (ISVs) and Payment Service Providers (PSPs). This acquisition will also enable GoCardless to fast-track the rollout of new disbursement capabilities and support its efforts to unlock new vertical sectors such as payroll, financial services, utilities, insurance, and gaming.

By acquiring Nuapay, GoCardless aims to offer a concerted focus on bank payments, while incorporating functionalities to enhance payment completion rates and mitigate fraud risks. Hiroki Takeuchi, Co-founder and CEO of GoCardless, stated that Nuapay’s expertise and customer base align perfectly with GoCardless’ growth strategy. The acquisition will result in a combined organization with deep domestic and international payments and open banking expertise. Brian Hanrahan, Co-founder and CEO of Nuapay, emphasized the importance of account-to-account payments and open banking in transforming how the world pays and gets paid.

This acquisition comes after GoCardless launched GoCardless Embed, a white-label product aimed at helping PSPs acquire customers at scale. The company has also secured new and renewed partnerships with JustGiving and Xero. GoCardless has been actively supporting diversity and inclusivity in the fintech industry, with its VP of Corporate Development discussing the importance of fostering a diverse workplace culture at events like FinTech LIVE London 2023.