Trustly, a global payments platform for digital account-to-account transactions, has acquired open banking platform Ecospend.
According to Trustly, Ecospend strong UK A2A product and full bank connectivity will complement and enable Trustly to deliver a ‘market-leading’ product in the UK, as well as to further accelerate its UK roll-out.
The UK is one of Trustly’s core growth markets. The company set an ambitious target previously to be a ‘game changing’ market leader in the UK, with the company claiming the Ecospend acquisition now accelerates its journey towards that target.
Ecospend serves clients across a wider berth of industries, including in the public sector, where the firm has a key contract with the HMRC. Over the last year, Ecospend has processed over £5bn in A2A payments to over 2 million consumers.
Trustly CEO Johan Tjärnberg said, “I am delighted to welcome Ecospend to Trustly. This is a perfect strategic fit and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”
Ecospend founder Metin Erkman added, “Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers. We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family.”
The transaction is subject to customary regulatory approvals.
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