BlackRock private Equity Partners and a group of institutional investors are becoming minority shareholders in Swedish online account-to-account payments provider Trustly. Terms were not disclosed.
The move diversifies the shareholder base of Trustly, which was acquired by Nordic Capital in 2018 in a deal rumoured to be worth around EUR700 million. According to TechCrunch, the new investment values the company at over $1 billion.
Nordic Capital remains the firm's majority shareholder but is now joined by Black Rock, Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC.
Founded in 2008, Trustly offers cross-border payments to and from consumer accounts at more than 6000 banks. Last year it merged with Silicon Valley-based PayWithMyBank to create a transatlantic payment network for consumers to pay for online shopping direct from their bank accounts.
Oscar Berglund, CEO, Trustly, says: "We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love."