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Swedish account-to-account payments platform Trustly has acquired UK open banking vendor Ecospend.

The acquisition gives Trustly a foothold in the UK market and a marquee client in Her Majesty’s Revenue and Customs, for whom Ecospend has enabled open banking payments. FCA-regulated Ecospend also counts several blue-chip private sector clients such as ITV, Toolstation, Anglian Water, and London Mutual Credit Union.

In the past year, Ecospend has processed over £5bn in A2A payments to over two million consumers.

Trustly – which shelved plans for a €785 million IPO last year over regulatory due diligence concerns – serves 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries. Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly €700 million and merged it with US-based PayWithMyBank in 2019.

In 2021 Trustly processed over $28 billion in transaction volume.

“Ecospend’s strong UK Payment Initiation and Account Information Services (PIS & AIS), as well as connectivity with 80+ UK banks, makes it a strong fit with Trustly’s collection capabilities and wider European footprint.”
“This is a perfect strategic fit,” “I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”
                                                                                Johan Tjärnberg, group CEO of Trustly.
cash Credit Currency digital Economy Ecospend Finance Financial FINTECH Money pay thefintech Trustly

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