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- EML Payments (EML) enters the Employee Benefits Market (EBM) in Europe via a multi-year agreement with Up Spain
- Up Spain is a subsidiary of Up Group, a company that offers employee benefits and incentive programs in 28 countries in Europe and 10 countries in the Americas and Africa
- The agreement with Up Spain provides a platform for EML to showcase its technology enabling real-time benefit and payment with just one transaction
- The program is expected to go live in Q1 FY23 and EML does not expect it to make a material contribution to its revenue or EBITDA FY23
- EML ends the day 2.62 per cent in the green with shares trading at $2.35
EML Payments (EML) has entered the Employee Benefits Market (EBM) in Europe via a multi-year agreement with Up Spain.
Up Spain is a subsidiary of Up Group, a company that offers employee benefits and incentive programs in 28 countries in Europe and 10 countries across the Americas and Africa.
It is one of the three biggest providers in Spain with more than one million users across roughly 4700 corporate clients and a network of over 30,000 restaurants in Spain.
The agreement with Up Spain provides a platform for EML to showcase its technology enabling real-time benefit and payment with just one transaction. It also allows access to multiple accounts and data to arrange a seamless user experience.
Worldwide, the EBM is worth over $88 billion and is expected to grow by $20 billion between 2021 and 2025.
Europe represents 35 per cent of this market in excess of $30 million per year.
The program is expected to go live in Q1 FY23 and EML does not expect it to make a material contribution to its revenue or earnings before interest, tax, depreciation and amortisation in FY23.
“This contract with Up Spain is a milestone agreement for us given the size
of the EBM and the continued transition of meal voucher programs transitioning from physical vouchers to digital payment solutions,” CEO and Managing Director Tom Cregan said.
“Up Spain is a proven market leader and we look forward to launching this program with
them and continuing to build out our presence in the EBM industry, following on from the success we have had with Salary Packaging solutions in Australia and opportunities that we are targeting in the evolving Earned Wage Access industry.”
EML has ended the day 2.62 per cent in the green with shares trading at $2.35 in an $855.2 million market cap.
