Trustly, the global payments platform for account-to-account (A2A) digital transactions, today announced the close of its acquisition of UK-based Open Banking payments platform EcoSpend UK, after being approved by the FCA. Trustly and EcoSpend together become the leading Open Bank payments company in the UK, providing connectivity to over 80 banks and reaching around 50 million consumers.

The UK is one of the fastest-growing A2A markets in Europe and a key growth market for Trustly. EcoSpend’s robust UK payments and data services, such as identity and affordability solutions, combined with the UK’s comprehensive banking connectivity, make it becomes a strategic addition to Trustly’s debt collection capabilities and cross-border reach. The combined entity is well positioned to offer an attractive product in the UK, accelerating its market expansion, as well as in the rest of Europe.

Features together, Trustly and EcoSpend will include:

• Connect the market-leading bank with more than 80 banks in the UK
• Broad consumer reach with over 50 million UK consumers
• Payment volume stronger than £7.5 billion in the UK for 2022

Many of Trustly’s UK customers have benefited from working with and using EcoSpend’s Open Banking technology solutions.

“We are very excited that we have now officially closed the acquisition. This is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK. We can’t wait to continue our expansion journey as a collective team, bringing best-in-class Open Banking solutions to both consumers and merchants”

Johan Tjärnberg, Group CEO of Trustly.