Payment solutions innovator Trustly announced today that Nordic Capital has taken a majority stake in the company. Trustly anticipates this move will assist in its journey to become the leading global online banking payments provider.
Nordic Capital will acquire Sweden-based Trustly from Bridgepoint Development Capital and other shareholders. Additional investors, including Trustly management, founders and investment company Alfvén & Didrikson, will remain significant shareholders in the company. The terms of the deal, which is subject to regulatory approvals, were not disclosed.
In a press release, Trustly CEO Oscar Berglund noted that online banking-based payment solutions are only in “infancy” and that the company seeks to “make it easier, safer and quicker for both consumers and merchants to make payments online.” He added that Nordic Capital’s support will be of great value as Trustly grows. As one of Europe’s largest private equity investors, Nordic Capital has indeed proven to be quite valuable to other fintechs in the space. In fact, the firm helped transform payment platform Bambora into a global payment market leader and also boasts a successful investment in Point, a payment terminal software company.
Fredrik Näslund, Partner and Advisor to Nordic Capital said, “Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities. We intend to support the management team and founders in the journey to becoming the global account-to-account infrastructure player by providing capital and experience from our previous successful investments in payments.”
Adding to the accolades, Johan Dahlfors, Partner at Bridgepoint Development Capital said, “Trustly is very well placed to continue its strong growth trajectory in a structurally growing market with long-term tailwinds for real-time, account-to-account payments.”
At FinovateEurope 2017, Trustly debuted Direct Debit, a payment offering that removes the pain of entering payment card information by allowing users to transact using their current account by entering their bank login credentials.
In a separate release this week, Trustly announced it teamed with Z.com to serve as a payment option. Last fall, the company teamed with Qliro and in May of 2017, Trustly partnered with online fashion retailer Boozt.com, just after announcing its expansion into the U.K.