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Trustly Forges Strategic Partnership with Nordnet to Bring Instant Deposits to Nordic Investors

Trustly Forges Strategic Partnership with Nordnet to Bring Instant Deposits to Nordic Investors
  • Payments platform Trustly announced a strategic partnership with Sweden’s Nordnet.
  • The partnership will enable Nordnet customers to easily and securely deposit funds using Trustly pay-ins.
  • Trustly, which made its Finovate debut at FinovateEurope 2013, was acquired by Nordic Capital in 2018.

A new strategic partnership between open banking, account-to-account (A2A) payments platform Trustly and Nordnet will enable customers of the Swedish savings and investment solution to easily and securely deposit funds in their accounts. The pact brings instant deposits to the whole Nordic region, including markets where instant payments are not yet available.

The new service is going live in Sweden initially, and will be available to all new customers who sign up for a Nordnet account. The service will launch in Norway in the first quarter of this year, and in Denmark and Finland later in 2023.

“Trustly’s technology and customer focus made them a natural choice and good fit for Nordnet in our ongoing work to build the best platform for savings and investments,” Nordnet Chief Product Officer and Deputy CEO Rasmus Järborg said. “With Trustly, our customers are able to fund their accounts instantly and start discovering what stocks or funds they want to buy.”

Founded in 1996 as Sweden’s first Internet broker, Nordnet currently provides savings, investment, lending, and pension services to customers in Sweden, Norway, Denmark, and Finland. Nordnet operates the region’s largest social investment network, Shareville, which boasts more than 300,000 members.

The company also offers margin lending, residential mortgages, and unsecured personal loans both under its own brand and under the subsidiary Konsumentkredit. As a pension solutions provider, Nordnet offers endowment insurance in Sweden and Norway and, for Swedish customers, provides a digital pension management service. Headquartered in Stockholm, the firm reported total assets of more than $22.8 billion in 2021.

Trustly made its Finovate debut at FinovateEurope in London in 2013 and returned to the Finovate stage four years later for FinovateEurope 2017. The company was acquired by Nordic Capital for an undisclosed sum in 2018, and has since forged partnerships with companies ranging from to NACHA to IKEA. Last year, Trustly acquired U.K. open banking vendor Ecospend (terms not disclosed). In November, the company welcomed back Alex Gontheir as CEO of its Americas division. Gontheir founded and led PayWithMyBank as CEO. PayWithMyBank merged with Trustly in 2019 and Gontheir became Executive Chairman in 2021.

Photo by Jan Židlický