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Trustly seeks €9 billion valuation on IPO

Trustly seeks €9 billion valuation on IPO

Swedish payment firm Trustly has confirmed plans for an IPO that could value the company at up to €9 billion.

Chief executive Oscar Berglund says the company will sell shares worth €785 million, part of which will be used to redeem preference shares and repay debt.

The firm's plans for a second-quarter IPO were first aired in January, with the hiring of Goldman Sachs, JP Morgan and Carnegie to lay the groundwork.

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, Trustly 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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