EML Payments Ltd (ASX: EML) (S&P/ASX 200) reports that it remains focused on its evolution as a diversified payments and digital banking enabler.
EML supports Fupay’s cash flow management and Millennial credit product (based in Australia). EML has now decided to transition to the next level and has teamed up with Fupay in order to take their tech stacks to European markets where they can offer businesses a white-label BNPLaaS solution.
Fupay’s Millennial-focused cash management solution leverages Open Banking data to offer smart fund-flow forecasting models, actionable insights, responsible BNPL “smoothing” and engaging spend benefits developed to assist consumers with making every penny count.
At the core of all this is Fupay’s robust spending and lending engine, which is well-placed to address the growing and fast-evolving consumer and regulatory demand for better lending options.
EML and Fupay say that they’re quite passionate about supporting a more responsible and economical BNPL experience with their capabilities:
- Low touch e-identity verification and affordability assessment.
- Personalized and flexible payment options based on each user’s cash flow.
- Real-time virtual card and payment options available via a single app.
- Rich AI-driven data insights with high impact visualization to make financial management easier for clients.
Michael Fredericks, MD and founder at Fupay, remarked:
”When we started Fupay, we predicted the need to address the challenges faced by Millennials meeting lifestyle costs, including a responsible millennial credit solution. We’ve focused on addressing the solution rather than focusing on selling a thin BNPL product as quickly as possible. There’s a clear need for BNPL organisations to do more to ensure their customers can afford to repay credit extended to them and be more accountable for their customers’ financial safety. We’ve seen a growing appetite from customers and regulatory bodies to see real responsibility, and Fupay is championing this mature approach to trending payments tech alongside EML.”
Sarah Bowles, Group Chief Product Officer at EML, stated:
”EML’s thrilled to expand our connection with Fupay beyond Australia into a true growth collaboration. Our exciting new venture brings together EML’s virtual card, A2A payments, the newest Open Banking products and Fupay’s best-in-class cash flow and millennial credit product to create a market-leading white-label offering. We’re impressed with Fupay’s groundbreaking platform and see the absolute need for this type of solution to enable merchants and enterprises to deliver an exceptional user experience without needing to become payment experts.”