EML Payments (ASX:EML) acquires Prepaid Financial Services in Europe

Company News

by Rachael Jones

EML Payments (ASX:EML) has entered into a binding agreement to acquire PFS for an upfront enterprise value of $423 million plus an earn-out component of up to $103 million.

EML to become one of the largest FinTech enablers in digital banking and prepaid globally, expecting to process $18 billion of gross debit volume (GDV) in FY20.

This move further diversifies EML’s customer, product and geographic footprint – providing entry into eight new markets and further penetration into UK, France and Spain.

Shares in EML Payments (ASX:EML) closed flat at $3.83 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.