EML Payments

What EML Payments does

EML Payments Limited (ASX:EML) is a Brisbane-headquartered, publicly traded prepaid card issuer and program manager operating across 27 countries with 23 multi-currencies and a workforce of more than 450 employees distributed across nine offices. The company provides a B2B payment infrastructure platform spanning physical, virtual, and tokenized card issuance (Mastercard, Visa, Eftpos, Discover networks), multi-currency wallets with up to 15 currencies per card, digital wallets with virtual IBANs, and configurable spend controls via its ControlPay product. Its proprietary processing engine captures 43 data points per transaction, supporting real-time fraud monitoring across 23 currencies, 3D Secure 2.0 authentication, and embedded merchant discount programs.

EML serves enterprise and mid-market customers across fintech/neobanking, retail and ecommerce (including the world's largest shopping mall gift card program), sports betting and gaming, BNPL, government stimulus and emergency relief payouts, corporate expense management, gig economy payments, human capital management (on-demand pay, salary packaging, employee rewards), and travel. The company is currently deploying Project Arlo, a cloud-native global technology platform, as the centerpiece of its EML 2.0 transformation program intended to unify and replace legacy regional infrastructure.

Revenue is generated primarily through program management fees, transaction processing fees, FX and currency conversion margins, card product licensing for white-label/OEM partners, and API/integration services under multi-year B2B contracts with custom quote-based pricing. Following the 2024 divestiture of Sentenial/Nuapay to GoCardless, the company has narrowed its strategic focus to prepaid issuance and program management. In Q2 FY2026, EML reported a 6% revenue decline and 16% decline in underlying EBITDA amid ongoing restructuring and platform investment, and a shareholder class action settlement was approved by the Supreme Court of Victoria in March 2026. Adam Olding was appointed CEO in March 2026 to lead the next phase of the transformation.

Name

EML Payments

Legal name

EML Payments Limited

Website

https://emlpayments.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

501–1,000 employees

Short description

EML Payments (ASX:EML) is a Brisbane-based prepaid card issuer and program manager operating across 27 countries and 23 currencies, providing white-label card, wallet, and spend-control infrastructure to fintechs, retailers, gaming operators, governments, and corporates.

Ownership category

akta.pro rank

Product category

Prepaid Payment Solutions

NAICS

Credit Card Issuing (522210), Credit Card Issuing (52221)

SIC

Finance Services (6199), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

akta.pro secondary industries

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Prepaid, Gift Cards & Voucher-Based Payments (MPAEALAE), E-Wallets & Stored-Value Accounts for Gaming (MPAEALAD)

Keywords

• Prepaid card issuing
• Payment processing platform
• Multi-currency card solutions
• Embedded payments infrastructure
• Payment program management

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Program Management Fees: EML provides full-service program management for card programs, charging fees for card issuance, transaction processing, program setup, and ongoing management services.
2. Transaction Processing Fees: EML earns transaction fees for processing card transactions across its network, with volume-based economics tied to transaction value processed.
3. Card Product Licensing: EML licenses its payment card infrastructure and program management capabilities to businesses who want to offer branded card products, including white-label and embedded solutions.
4. FX and Currency Conversion: EML provides multi-currency solutions and earns revenue through foreign exchange margins and currency conversion fees when customers use cards across different currencies.
5. API and Integration Services: EML provides API-driven solutions with RESTful APIs, webhooks, and SDKs for integration, enabling businesses to embed EML's payment capabilities into their platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

EML Payments operates a proprietary prepaid card and digital wallet processing platform that enables businesses to issue branded physical, virtual, and tokenized payment cards, manage multi-currency wallets, and run full card programs across 27 countries and 23 currencies. The company functions as an Issuer, Processor, and Program Manager under one roof, offering white-label, no-code, low-code, and full-API solutions that process over $80.2 billion in annual transaction volume for fintechs, retailers, gaming operators, governments, and corporates.

Product overview

EML Payments operates a platform-plus-modules architecture offering a comprehensive suite of payment solutions. The core offerings include Card Payments (physical, virtual, and mobile prepaid cards), FX Solutions (multi-currency cards with up to 23 currencies), and Digital Account Payments (digital wallets and virtual accounts). These core products are supported by feature modules including Digital Wallets, Card Funding, Spend Controls (ControlPay), Program Management, and Loyalty & Rewards. The platform serves multiple vertical use cases including Banking & Financial Services, BNPL, Government Stimulus Payouts, Corporate Expense Cards, Gig Economy Payments, B2B Payments, Employee Benefits (Human Capital Management Suite with On Demand Pay, Employee Rewards, Employee Benefits, and Salary Packaging), Sports Betting & Gaming, Travel & Transport, Insurance Claims, and Retail Gift Cards. The company is undergoing EML 2.0 transformation with deployment of Project Arlo, a cloud-native global platform replacing legacy systems. EML processes over $80.2 billion annually across 27 countries, enabling real-time payments, digital wallet issuance, and programmable spend controls for businesses and their customers.

Differentiator

Problem solved

Functional benefit

Brands

• ControlPay: Spend controls product allowing businesses to configure where, when and how customers transact based upon their requirements
• EML Finlabs
• Project Arlo
• EML 2.0

Products and services

• Card Payments EML's primary prepaid card solution enabling businesses to offer branded physical, virtual, or mobile payment cards. Supports reloadable and single-use cards, open loop (Visa/Mastercard) and closed loop configurations, and multi-currency options across 23 currencies.
• FX Solutions Multi-currency card and account solutions enabling businesses and consumers to hold and transact in multiple currencies (up to 15 currencies on one card, with 23 available) with reduced foreign exchange costs and real-time currency management.
• Digital Account Payments Digital wallet and virtual account solutions providing real-time digital account payments, virtual IBANs, and multi-account management capabilities for banking and financial services applications.
• Digital Wallets White label digital wallet solution enabling customers to securely store and use payment cards with features including virtual IBANs, multiple sub-accounts, real-time fund transfers, and multi-currency support.
• Card Funding
• Spend Controls (ControlPay) Configurable spend control capabilities allowing businesses to set limits on when, where, and how cards are used. Includes ControlPay for parent/child card configurations with merchant type and spend limit enforcement.
• Program Management End-to-end program management services including account management, treasury management, fraud monitoring (24/7 across 23 currencies with 3D Secure 2.0), training, support, card management, data and analytics (43 data points per transaction), and security compliance.
• Loyalty & Rewards Loyalty and reward solutions including embedded merchant discounts (access to 5,500+ merchants in Australia), Perx employee rewards cards, customer incentives, and instant redemption capabilities.
• Retail Gift Cards Retail gift card solutions including branded loop cards, physical and virtual gift cards, loyalty programs, and e-commerce point-of-sale integration for shopping malls, premium outlets, and retail distributors.
• Government Stimulus & Emergency Relief Payouts
• Banking & Financial Services
• Buy Now Pay Later (BNPL) BNPL card solutions enabling installment payment functionality with spend controls, digital wallets, and embedded merchant rewards. Features TAPP for instant merchant integration without point-of-sale modifications.
• On Demand Pay
• Corporate Expense Cards
• Gig Economy / Contractor Payments
• B2B Payments / Accounts Payable
• Employee Benefits
• Employee Rewards
• Sports Betting & Gaming
• Travel & Transport
• Insurance Claims & Compensation Payouts
• Salary Packaging

Quantifiable outcome

• $80.2 billion+ transacted on platform annually
• +3 more outcomes

Named customers4 records

Segments8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered strategic, former, core and minor.

• OneJourneystrategicChannel Partner/ Reseller/ Distributor · 16 June 2026EML partnered with OneJourney, an embedded payments platform for hospitality, to help hotels modernize supplier payments and replace paper gift vouchers with digital stored-value cards. The combined platform enables hotels to issue controlled virtual cards to suppliers, automate reconciliation, and integrate with accounting systems including QuickBooks, NetSuite, Sage Intacct, and Xero, with no integration costs or capital investment required. The partnership targets luxury and premium hotels initially.
• GoCardlessformerTechnology or Integration · 3 September 2024GoCardless completed its acquisition of Sentenial Ltd (operating as Nuapay) from EML Payments Limited. This divestiture was originally announced in March 2024. The acquisition expands GoCardless' indirect channel proposition and allows entry into new vertical sectors including payroll, financial services, utilities, insurance, and gaming.
• MastercardcoreTechnology or IntegrationEML is a principal member of Mastercard in Australia and Europe. As a certified Issuer, Processor, and Program Manager with Mastercard, EML can provide full service card programs across Mastercard, Visa, Eftpos, and Discover networks.
• VisacoreTechnology or IntegrationEML is certified with Visa to process and authorise card transactions, enabling card programs across the Visa network globally.
• Bullring Shopping CentreminorOthersBullring Shopping Centre became an EML customer for gift card program management, replacing a previous provider with significant improvements in backend reconciliation and finance team efficiency.
• OrendastrategicOEM/ Whitelabel/ Licensing PartnerOrenda uses EML's payment infrastructure to offer white-labelled, zero-code integration of financial services. Orenda provides a serverless technology platform with real-time tech provision, enabling ultimate scalability for their customers.
• hummstrategicOEM/ Whitelabel/ Licensing Partnerhumm partnered with EML to power their BNPL card solution, leveraging EML's payment processing capabilities and holistic payment knowledge to roll out TAPP (remote instant merchant integration) enabling customers to use Apple Pay or Google Pay at checkout.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Marqeta: Modern card-issuing and processing platform enabling businesses to launch and manage physical, virtual and tokenized card programs via APIs. Highly comparable to EML's PFS-originated issuer/processor capabilities and white-label model.
• Blackhawk Network: Global prepaid gift card and payments network, including branded mall gift cards, corporate incentives and digital payments. Closest direct overlap with EML's shopping mall gift card franchise and prepaid program management.
• InComm Payments: Provider of prepaid gift cards, reloadable cards and payment technology for retail and digital channels. Directly comparable to EML's retail gift card and reloadable prepaid card offerings across multiple networks.
• Galileo Financial Technologies: Payment processing platform powering fintechs and neobanks with card issuing, transaction processing and program management APIs. Overlaps with EML's fintech/BaaS segment and PFS multi-currency platform.

Emerging players

• Pleo: Corporate expense and multi-currency card platform for SMBs across Europe, with strong spend controls. Comparable to EML's Corporate and B2B segment, particularly in Europe, but without EML's broader issuing/white-label breadth.
• Wirex: Multi-currency card and payments app allowing consumers and businesses to hold and spend in multiple currencies on Visa rails. Comparable to EML's multi-currency card capabilities and FX solutions targeting fintech and consumer use cases.
• Payfare: Issuing and program management platform purpose-built for gig economy worker payouts and instant pay. Directly comparable to EML's Gig Economy and Contractor Payments use case in the US market.
• Spendesk: European spend management platform with corporate cards, virtual cards and expense automation. Comparable to EML's Corporate Expense Cards and B2B Payments use cases, particularly for European SMB and mid-market customers.

Broad incumbents

• Wise (TransferWise): Global multi-currency account and cross-border payments platform with debit card products. Overlaps with EML's multi-currency and FX value proposition but operates at vastly greater consumer scale and owns its A2A rails.
• Revolut: Global neobank offering multi-currency accounts, cards and embedded finance APIs for businesses. Comparable to EML's banking/financial services segment and multi-currency infrastructure, though at much larger consumer scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/EMLpayments
• YouTubeyoutube.com/channel/UCoOi-WpvyV45OYWub1GK0ew/featured
• LinkedInlinkedin.com/company/emlpayments
• Facebookfacebook.com/EMLpayments

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EML Payments