Trustly closes investment from BlackRock

Sweden-based open banking payments platform Trustly has secured an investment from BlackRock Private Equity Partners.

The value of the deal was not disclosed.

BlackRock was joined by a consortium of institutional investors, including Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC. All of these new investors have picked up a minority stake within Trustly.

Following the close of the deal, Nordic Capital will remain the majority shareholder of Trustly. Nordic Capital acquired Trustly back in 2018 for an undisclosed amount. The investor completed the deal through its €3.5bn Fund IX, and hoped to help the business grow internationally.

With the close of the round, Trustly will look to deepen its product and infrastructure as well as expand globally.

The FinTech offers cross-border payment technology which supports money transfers from 3,000 banks across 29 European countries.

Trustly CEO Oscar Berglund said, “At Trustly, we’re leveraging local bank-to-bank payment rails to build a global online banking payments network that enables people to pay directly from their bank accounts in a safe and convenient manner.

“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.”

Earlier in the year, Trustly formed a partnership with Swedish insurer Folksam to help students pay for their insurance. In working together, students can pay for insurance and receive claims payouts directly from their online bank account.

Copyright © 2020 FinTech Global

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