EML Payments Ltd. has agreed to buy Prepaid Financial Services Ireland Ltd. for $291 million, plus an earnout component of up to $71 million, according to an announcement from PFS. 

PFS CEO Noel Moran said he was happy that the deal would allow his company to be sold on the Australian Stock Exchange and looked forward to cross selling the company's expanded payments solutions across a global footprint. 

"The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide," Moran said.

"The acquisition of PFS continues to consolidate EML's market position as one of the largest fintech enablers in open banking and prepaid globally," Tom Cregan, EML managing director and group CEO, said in the release. "PFS is highly complementary to EML's existing suite and adds digital banking and multi-currency offerings to our existing suite, while expanding our global market footprint and ability to cross sell PFS's solutions."

Cover image: PFS.