EML Payments acquires Irish fintech to corner EU market

EML Payments has acquired 74.9 per cent of Irish fintech Perfectcard DAC (Perfectcard) for AUD$9.5 million.

Perfectcard is an authorised eMoney institution providing incentive and corporate expense solutions regulated by the Irish Central Bank.

Australian listed payments solutions provider EML expects Perfectcard to generate earnings of $400,000-600,000 in FY19 after integration costs.

The Irish regulator first needs to approve EML as a majority shareholder before the acquisition can go through, but EML expects the approval to be granted in the coming months.

Notwithstanding the approval process, EML says it will consolidate Perfectcard into its financial results from 4 July 2018.

EML says the acquisition of Perfectcard will allow the listed company to consolidate processes and expand its reach into the European sector.

To read more, please click on the link below…

Source: EML Payments acquires Irish fintech to corner EU market