A payments journey that began in Oz is flourishing in Galway.
Australian tech firm EML Payments is to expand its Galway operation with the establishment of a technology and innovation hub that will employ 20 people.
In an investment backed by IDA Ireland and the Irish Government, the Australian company plans to expand its offerings across Europe.
‘PerfectCard provides EML with an excellent corporate expense and corporate incentive solution that we can grow in our existing geographies’
– TOM CREGAN
EML provides prepaid payment services in Australia, Europe and North America. It issues mobile, virtual and physical card solutions for payouts, gifts, incentives and rewards as well as supplier payments. The company has an established sales and marketing operation in Wicklow. It also offers supplier enablement, payment execution, programme management and other services.
They come from a land Down Under
IDA Ireland executive director Mary Buckley, who met the company in Australia, also welcomed the news.
“This investment strengthens Ireland’s network in Australia with their presence in Galway and Wicklow,” Buckley said. “As a strong presence in the fintech sector, this new investment by the company will act as an excellent reference sell for the financial services, fintech and software development sectors. I wish the company every success with their new technology and innovation hub in Galway.”
The company arrived in Ireland last year after it acquired a majority stake in Irish fintech PerfectCard in a deal worth more than €6m that was approved by the Central Bank.
“The acquisition of PerfectCard in July, which has led to the establishment of a technology and innovation hub in Galway, is very exciting for EML,” explained EML managing director and group CEO Tom Cregan.
“Having an Irish e-money licence allows EML to self-issue regulated payment products across the European Union without the need for external third-party BIN (bank identification number) sponsors, which provides our customers with greater regulatory certainty.
“The acquisition also expands our product capability, enabling EML to become an issuer, payment processor and programme manager across the European Union. PerfectCard provides EML with an excellent corporate expense and corporate incentive solution that we can grow in our existing geographies,” Cregan explained.
Minister Heather Humphreys, TD, who is undertaking a trade and investment mission in Australia at present, welcomed the announcement.
“This expansion is a great vote of confidence in Galway and, in particular, the highly skilled local workforce. The Irish Government has worked hard to ensure that we have the best possible conditions in place to encourage investments like this and I am delighted to see EML once again recognising this through their expansion.”