Wednesday 22 November 2017

McCreevy's Sentenial in the black

Sentenial specialises in cloud-based payments services for banks and businesses in Europe. Stock image
Sentenial specialises in cloud-based payments services for banks and businesses in Europe. Stock image

Gretchen Friemann

Sentenial, the payments firm which counts former Finance Minister Charlie McCreevy as a director, chalked up a €656,000 profit last year and narrowed its net liabilities to €1.3m according to the latest filed accounts.

The Kildare-based company, established in 2003, specialises in cloud-based payments services for banks and businesses in Europe. In 2015 it expanded this service to a wider market with the launch of Nuapay, which effectively enables firms to process payments online.

While Sentenial owes €3.36m to creditors within one year - down from €4.43m in the previous period - the accounts state it has "invested heavily in building ... applications and software as a service platform. These assets have allowed the company to win a substantial customer base with significant recurring revenues".

Sentenial's net asset value is described as not properly reflected on the balance sheet since the investments needed to build these assets were run through the profit and loss account.

Irish Independent

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