Swedish payments firm Trustly has acquired SlimPay in a €70M deal, as it looks to continue its European expansion plans.
The Stockholm-based company made the deal as it looks to enhance its payment capabilities, and tap into recurring payments such as subscriptions, according to Bloomberg.
The acquisition is set to allow Trustly to expand beyond account-to-account (A2A) payments and will leverage SlimPay’s SEPA direct-debit capabilities, specifically in the realm of recurring revenues, as it looks to improve its position in the European market.
Trustly Group CEO Johan Tjärnberg, said: “We are thrilled that SlimPay is joining Trustly. SlimPay’s SEPA solution for modern Direct Debit in combination with the optimised experience of Trustly Azura will together be able to revolutionise the recurring payment experience and create a new industry standard.
“The addition of SlimPay is fully in-line with Trustly’s strategy to offer a unique 360 degrees embedded experience across all types of digital payments.“
The partnership is set to be a fruitful one, as European direct debit transactions totalled over €10 trillion in 2022 alone.
Poignantly, 80% of the transactions took place in markets in which either Trustly, or French FinTech SlimPay operate in.
In 2018, Nordic Capital snapped up Trustly in a deal worth €700m.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
