Swedish payments firm Trustly intends to list its shares on the Nasdaq Stockholm exchange that could value the company at $11bn.
The offering will comprise of both new shares issued by Trustly and existing shares offered by its principal shareholder, Cidron Maas SARL, which is indirectly controlled by Nordic Capital Fund IX, Trustly said. Gross proceeds to Trustly are expected at around $935.9m, it added.
Commenting on the firm’s plans, Trustly CEO Oscar Berglund said, “Thirteen years ago, we started building an alternative payment solution enabling consumers to pay directly from their online bank accounts, bypassing intermediaries to the benefit of both merchants and consumers.
“We have expanded our network ever since, now reaching 525 million consumers, and Trustly is today a global leader in digital account-to-account payments, powering the shift to a cardless society.”
Trustly has planned to complete the offering and listing during the second quarter of 2021. Nordic Capital, which bought a 70% stake in Trustly for around $800m in 2018, said it will remain a significant shareholder in the company following the IPO.
In January, Reuters reported that Nordic Capital, was in the process of hiring more banks with a view to launching an IPO in late April or early May that could value the firm at up to €9bn.
The FinTech enables consumers to pay for goods and services online directly from their bank accounts rather than using card networks compared to its competitors Stripe and Klarna. It claims it can offer merchants a lower fee and retain a higher share of that fee itself by cutting out the middlemen such as card issuers and banks.
Last June, BlackRock led a slate of high-powered investors in a funding round for Trustly which valued it at more than $1bn.
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