Company that owns Trim-based prepaid financial services posts record interim results

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He is also informed of the legal action he is facing.

EML released record interim results to the market.

He was also made aware of the legal proceedings he is facing in Australia, regarding his disclosure obligations relating to his Trim-based operations.

EML announced a record gross debit volume of €31.6 billion for the six months ended December 31, 2021.

This is the amount processed through its proprietary processing platforms, an increase of 209% compared to the previous comparative period.

It indicates that the gifts and incentives sector has seen a significant recovery from the impacts of COVID-19, the previous year with a record GDV in the first half.

While on the digital payments front, gross debit volume grew by 431% to A$24.4 billion, with the acquisition of Sentenial contributing 80% of the total volume.

In December, Shine Lawyers filed a class action suit in the Supreme Court of Victoria alleging that EML failed to meet its disclosure obligations and engaged in misleading and deceptive conduct regarding disclosure.

The allegations relate to EML’s governance arrangements regarding its Trim-based Irish subsidiary, PFS Card Services, and its interaction with the Central Bank of Ireland.

EML strongly denies the allegations and denies any liability and has set aside A$10.5 million towards probable legal costs that would be incurred in defending the claims.

In addition, the group signed 33 new contracts and excluding Sentenial’s “Nuapay” new business, PFS was allowed to sign new customers and in December launched 22 new programs.

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