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.