EML Payments to power Orenda’s payments capabilities for the UK and Europe
By Megha Bhattacharya
EML Payments has partnered with Banking-as-a-Service challenger Orenda. Orenda empowers businesses and non-financial institutions in the United Kingdom and Europe to embed financial services, allowing them to concentrate on distribution strategies while leaving all of the banking infrastructure and payments requirements to the experts. The company provides a truly embedded platform with a front-end facing customer banking portal.
Joshua Vittori, the Managing Director & Co-Founder at Orenda, said, ”Working with EML has allowed Orenda to offer a suite of services for different customer segments. Great flexibility and great partners are key. Orenda is built on serverless technology to allow ultimate scalability. Ensuring all of our tech is provided in real-time is a crucial part of our offering. We provide a white-labelled, zero-code integration of financial services, meaning no API integrations are required, providing speed and simplicity. Orenda’s growing marketplace of services allows any live programme to benefit from any new integration.”
Recently, EML Payments has announced the acquisition of API payments company Sentenial Limited and its subsidiaries, including Open Banking pioneer Nuapay, for a total of €110 million. By entering into a binding agreement, EML will acquire 100 per cent of Sentenial for an upfront enterprise value of €70 million, plus an earn-out component of up to €40 million. The companies already provide EML with the capabilities to manage payments across scheme (Mastercard and Visa) and non-scheme (A2A), as well as both card and non-card payments.
Lee Britton, CEO Europe at EML, observed, ”We’re hugely excited about Orenda’s zero-code integration for embedding financial services and real-time onboarding. It’s been wonderful to work with Josh and the incredible team at Orenda, including CTO & Co-Founder, Dr. David Fox, who achieved his Doctorate in Machine Learning. EML understands the importance of seizing every opportunity to magnify the potential of advanced technologies into the payments infastructure.”
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