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EML Payments Expands Gift Card Solutions with Acquisition of Flex-e-Card
Friday 24 May 2019

24 May 2019 - EML Payments Europe Ltd., a division of Missouri, US-based EML Payments Ltd. (ASX: EML), has acquired 100% of UK-based FinTech company Flex-e-Card Ltd. (FEC), a gift card provider to the shopping mall sector, the company said.
Terms of the transaction were not disclosed. The transaction is expected to complete on 28 June, subject to satisfaction or waiver of conditions precedent.
With the addition of the 226 new shopping malls gift card programs, the acquisition enhances a core segment, which will be largely self-issued by EML in fiscal year 2020.
With increased penetration into the shopping mall vertical, it secures EML to be a leader of this segment with more than 800 shopping mall gift card programs under management, enhancing EML's relationship with existing mall operators such as ECE and Unibail-Radamco-Westfield, and new relationships with major mall owners, Intu and EMAAR.
The acquisition further increases EML's geographic spread into Poland and the United Arab Emirates.
EML Payments Ltd. offers innovative financial technology that provide solutions for payouts, gifts, incentives and rewards, and supplier payments.
The company issues mobile, virtual and physical card solutions to some of the largest corporate brands around the world, processing billions of dollars in payments each year, and manage more than 1,200 programs across 21 countries in North America, Europe and Australia.
Date Published: 24/05/2019
Target: Flex-e-Card Ltd
Country: UK
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Buyer: EML Payments Europe
Terms of the deal were not disclosed