Fintech

Central Bank imposes ‘nil growth cap’ on EML’s Irish unit

EML acquired PFS Card Services Ireland in a multimillion euro deal three years ago

Noel and Valerie Moran, founders of Prepaid Financial Services: the Irish fintech was acquired by Australian company EML Payments three years ago in a multimillion euro deal. Picture: Bryan Meade

EML Payments has had a “nil growth cap” imposed on its Irish subsidiary, PFS Card Services Ireland, after the Central Bank of Ireland said the company had made “limited progress” with its remediation plan.

The Australian fintech said the decision would have no impact on its full-year guidance of revenues in the range of A$235 million to A$245 million and ebitda of A$26 million to A$34 million.

EML added it remained focused on “engaging constructively”with ...