Nordic Capital buys majority stake in online payments firm Trustly
14 March 2018 | 4584 views | 0
Private equity group Nordic Capital has struck a deal to acquire a majority stake in Swedish online payments provider Trustly. Financial terms were not disclosed, although the agreement is rumoured to value Trustly at around EUR700 million.
Trustly’s largest shareholder Bridgepoint Development Capital will dispose of its full equity interest, but management, founders and investment company Alfvén & Didrikson will remain "significant" shareholders.
Trustly offers cross-border payments to and from consumer bank accounts at over 3000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services.
Founded in 2008, the firm now has 190 staffers at its headquarters in Stockholm and offices in Spain, Malta, Germany and the UK.
The deal comes as PSD2 forces banks to open up their systems to the likes of Trustly, providing an attractive opportunity for investors. According to the Financial Times, Nordic Capital saw off competition from, among others, General Atlantic.
Oscar Berglund, CEO, Trustly, says: “The shift towards online banking based payment solutions is only in its infancy and we are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online."