The fintech company GoCardless, which handles bank payments, has agreed to buy rival Nuapay from EML Payments for an unknown sum.

The purchase, which is pending regulatory approval, is a component of GoCardless' accelerated strategy, which aims to expand its indirect channel offering and strengthen its position as a leading payments provider to both new and existing client categories. Among them are Payment Service Providers (PSPs) and Independent Software Vendors (ISVs).

GoCardless: The comprehensive source of bank payments

By acquiring Nuapay, GoCardless advances its goal of becoming a full-service bank payments provider and expedites the introduction of new disbursement capabilities to its clientele and prospects.

According to GoCardless, this will help with its initiatives to open up new use cases and vertical markets in industries including gambling, insurance, utilities, payroll, and financial services.

"Nuapay is an established account-to-account payment provider and open banking specialist with a blue chip customer base," explains Hiroki Takeuchi, co-founder and CEO of GoCardless.

"Its operations are in perfect harmony with our growth plan and will expedite our goal of becoming the global bank payment network."

In addition to facilitating the distribution of funds and the collection of payments via direct debit, instant payments, and open banking, GoCardless hopes to provide its customers with a focused approach to bank payments as a full-service provider. Additionally, GoCardless plans to incorporate advanced functionalities to improve payment completion rates and reduce fraud risks.

"How the world pays and gets paid is changing, with account-to-account payments and open banking playing a central role in that shift," says Brian Hanrahan, co-founder and CEO of Nuapay.

"Building on that shared vision, this acquisition will result in a combined organization with the scale to harness these opportunities for our clients and partners, as well as deep domestic and international payments and open banking expertise."

The most recent acquisition news from GoCardless follows the introduction of GoCardless Embed, a white-label solution that aids PSPs in client acquisition on a large scale.

It also comes after partner and new customer agreements with cloud-based accounting software provider Xero and online fundraising platform JustGiving.

GoCardless' Vice President of Corporate Development, Kamila McWilliam, spoke at FinTech LIVE London 2023 about the importance of fostering a diverse, egalitarian, and inclusive workplace culture. GoCardless has also been active in its support of elevating women in the fintech industry.