Trustly, a pioneer in open banking solutions, announces the successful completion of its acquisition of SlimPay, a leader in the European recurring payments sector. Following the initial statement on August 29, 2023, and subsequent receipt of regulatory approvals from the French banking supervision authority, ACPR, this strategic move marks a major step towards redefining the recurring payment landscape in Europe.
By joining forces with SlimPay, Trustly reinforces its commitment to providing a comprehensive Open Banking-enabled, pan-European recurring payments service. The Stockholm-based group’s well-established client network includes international brands like eBay, Booking.com, and AirFrance-KLM. In the UK specifically, the business has seen growth across major sectors like wealthtech and tax collection through Hargreaves Lansdown and HMRC.
SlimPay, a Paris-based company, brings to the table strong relationships with renowned brands in utilities, insurance, transportation, media, and fitness. The unified synergies of Trustly’s proprietary and frictionless payment experience with SlimPay’s expertise in SEPA direct-debit capabilities set a new standard in the industry for merchants and consumers across Europe and the UK.
Johan Tjärnberg, Group CEO of Trustly, states: “SlimPay’s unique product capabilities, fused with Trustly’s innovative technology, are a game-changer for recurring payments in Europe. Our alliance synergizes Trustly’s expansive reach and SlimPay’s specialized expertise, creating a comprehensive, pan-European offering that already has attracted top-tier global brands.”
The acquisition follows the successful introduction of Trustly Azura, a revolutionary payments engine that enhances user experiences through personalization and data optimization. The addition of SlimPay’s capabilities is expected to further augment the network effect of Azura, providing an easier and more efficient payment process for an expanding customer base.
With this merger, consumers will experience faster and more convenient payments, as Trustly’s presence at checkouts means no more manual detail entry. This streamlined process not only enhances the consumer experience but also significantly boosts business conversion rates by simplifying transactions.
Jerome Traisnel, CEO of SlimPay, comments: “Merging with Trustly is a milestone in innovating recurring payment systems. Our combined capabilities will significantly enhance billing and subscription services, offering customers unparalleled efficiency. This collaboration paves the way for supporting more global brands and leading innovations in the industry.”
With regulatory approval now secured, SlimPay’s integration into Trustly Group marks a transformative chapter in advancing recurring payments throughout Europe. This consolidates Trustly’s position in the market on a path to pioneering more innovative solutions, aiming to reshape the payment landscape for businesses and consumers alike.