Damon Kitney4:32PM November 28, 2019 The high-flying fintech EML, a payments solutions provider, is set to have more than 1000 shopping mall gift card programs around the world after signing a deal with the largest mall operator in America to offer its products in 200 of its properties.
The deal with Simon Property Group will see EML offer single load private label gift cards restricted for use within Simon’s US shopping malls, as well as Visa and MasterCard reward cards. “We are eager to work with a leading-edge property group to provide innovative products to grow their successful program,’’ said Jamison Jaworski, CEO of EML Americas. Earlier this month, EML embarked on a company transforming acquisition to move the gift and prepaid card provider into the digital banking space for the first time with the $423m purchase of London-headquartered Prepaid Financial Services.
Brisbane-based EML Payments has been on an aggressive acquisition path and the purchase of the European provider of white label payments and banking-as-a-service technology was by far the biggest in EML’s history. It has been loosely grouped alongside the high-profile so-called WAAAX stocks (Wisetech, Afterpay, Altium, Appen and Xero), which has lifted its sharemarket rating but bemused chief executive Tim Cregan. “I don’t spend any time obsessing about the share price. We make money and generate cash, that is more than what can be said for some others in the space.”
A quote attributed to Margaret Thatcher goes along the lines of "The problem with socialism is that eventually you run out of other people's money."
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