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Sweden's Trustly sets course for potential €9 billion IPO

Sweden's Trustly sets course for potential €9 billion IPO

Swedish payments firm Trustly is reportedly plotting a second quarter IPO that could value the company at €9 billion.

Trustly’s owner, buyout group Nordic Capital, is working with Goldman Sachs, JP Morgan and Carnegie and is in the process of hiring more banks with a view to launching the IPO in late April or early May, according to unidentified sources cited by Reuters.

Like other payments processors in Europe, Trustly is riding a wave of investor interest as the Coronavirus pandemic pushes more transactions online.

Founded in 2008 and with offices in Sweden, Spain, Malta, Germany and Britain, Trsutly processes more than four million payments per month. The firm's revenues were around €130 million in 2019 and are on course to hit €200 million for 2020.

Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly €700 million and merged it with US-based PayWithMyBank in 2019.

The firm's most recent financing round, led by BlackRock in June, commanded a price tag of about €2 billion.

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