STOCKHOLM | Bridgepoint Development Capital (BDC) will invest approximately EUR 23 million (USD 30 million) for a minority stake in Trustly Group AB - the Stockholm-based online payment service provider. Trustly currently processes payments of EUR 1.1bn (USD 1.3bn) per year, implying year-on-year growth in excess of 100%.
Trustly's Payment Platform
Trustly’s proprietary and scalable payment platform can integrate any payment method and currently offers instant pay-ins and pay-outs, based on online banking e-payments. The platform’s real-time processing, bookkeeping and account reconciliation functionalities mean that payments can be made quickly, conveniently and safely – a important requirement for merchants, consumers and banks.
Cross-border European payments
Trustly’s payment methods are created for mobile devices and offer cross-border payment functionality. They are particularly well-suited for international e-commerce on mobile and tablet devices. Trustly is expanding into new European markets with the aim of making cross-border European payments as seamless, safe and convenient as domestic payments.
"We are currently established in seven European countries and look forward to continue our European expansion to enable consumers and merchants to engage in cross-border e-commerce, and to further strengthen our team. We are delighted to partner with Bridgepoint, who will provide valuable support and financial resources as we continue to grow and innovate.” said Carl Wilsson, CEO of Trustly.
Pay-ins and Pay-Outs
Trustly’s instant pay-ins and pay-outs are used by leading merchants across a variety of segments, such as Peer-to-Peer Marketplaces (Blocket, part of Schibsted), Sharing Economy (Tripwell), Travel (Logitravel), Electronics (Samsung), Daily Deals (Groupon), Financial Services (Western Union), Gaming (bwin.party) and e-Wallets (PayPal).
Safe online banking e-payments
Johan Dahlfors, partner at Bridgepoint Development Capital: "We are impressed by Trustly and the team. They have established a unique and disruptive European payment solution for convenient and safe online banking e-payments for B2B, B2C and P2P transactions.
“They have shown strong growth on the back of an attractive technology platform and a scalable business model. The business is therefore well positioned in a growing market for online payment solutions. We look forward to working with the ambitious team to build out its European presence further."
Trustly is a Swedish based FinTech company founded in 2008 and currently processes in excess of 7 million payments annually. Trustly is in 2014 ranked as one of Sweden's fastest growing technology companies on the Deloitte Sweden Technology Fast 50 list. Trustly won “Most innovative payment method” at the CIT Golden Card award in Spain 2014. Trustly has 65 employees and is headquartered in Stockholm, Sweden. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority. For more information visit their profile.
The transaction is subject to approval by the Swedish Financial Supervisory Authority.
Sourced from Press Release by Trustly, November 4th, 2014