EML Payments has acquired Irish company Sentenial Limited and its wholly owned subsidiaries, including open banking brand, Nuapay, for a total of €110 million.

Sentenial, and Nuapay operate in the European open banking sector and provide EML with the capabilities to manage payments.

EML said it intends to expand Sentenial's platform and products into the North American and Australian markets.

Post-completion of the acquisition, the combined group is expected to become one of the largest FinTech enablers in open banking and prepaid globally.

Tom Cregan, EML's Managing Director and Group CEO, said that EML has transitioned over the years from primarily a gift-card company to a company with a diverse revenue base across multiple prepaid products.

"The acquisition of Sentenial will be the next evolution for EML, as we transition into a broader payments business by adding instant account-to-account (open banking) payments into our suite of solutions for current and prospective customers," he said.

Sean Fitzgerald, Founder and CEO at Sentenial, said Nuapay's mission is to be the best way to pay and get paid.

"We are proud to have developed a market-leading account-to-account and open banking payments platform over nearly two decades in business.

"The revolution in payments caused by open banking and teal-time payments is rapidly building momentum globally, and we are hugely excited by this opportunity to move to a global scale as part of EML," he said.