Tech

Prepaid’s founders won’t receive any earnout from acquisition, EML confirms

The Irish founders stood to earn as much as £55 million in earnouts as part of the acquisition at one stage

Noel Moran, Prepaid Financial Services chief executive, and Valerie Moran, head of operations and client services, at their offices in Trim. Picture: Bryan Meade

Noel and Valerie Moran, the founders of Prepaid Financial Services (PFS), the Irish fintech acquired by EML Payments, will receive no earnouts from the deal, the Australian firm has confirmed.

The Morans, who sold PFS to EML in a multimillion euro deal had at one stage stood to earn as much as £55 million in earnouts as part of the acquisition. However, in a note to shareholders on Thursday, EML said “all historical earnout arrangements are ...