EML Payments to shell out $423m for European fintech

While EML Payments has been on an aggressive acquisition path for the past 18 months, its latest announcement makes previous transactions look like small change.

The fast-rising Brisbane outfit has entered into a binding agreement to acquire London-headquartered Prepaid Financial Services (Ireland) Limited (PFS) for an upfront value of £226 million (A$423 million), plus an earn-out of up to £55 million (A$103 million).

The sum warps the group’s last major acquisition of UK-based Flex-e-Card Limited (FEC) in May for £21.6 million ($40.5 million), as well as more recent transactions in July valued at around $6 million.

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Source: EML Payments to shell out $423m for European fintech