Trustly acquires Ecospend, strengthening its position in the UK
STOCKHOLM, May 31, 2022 /PRNewswire/ — Trustly, the leading global payments platform for digital account-to-account (“A2A”) transactions, today announces the acquisition of UK-based Open Banking Payments platform Ecospend. Ecospend’s strong A2A product in the UK and full banking connectivity will complement and enable Trustly to deliver a market-leading product in the UK, and further accelerate its roll-out in the UK – one of Europe fastest growing A2A regions and a key growth market for Trustly.
Four years after PSD2 made Open Banking a regulatory requirement in the UK, the market exhibits a vibrant ecosystem, with rapid consumer adoption and strong transaction volume growth. As previously announced, the UK is one of Trustly’s key growth markets. Having set itself the ambitious goal of being the breakthrough market leader in the UK, the acquisition of Ecospend now accelerates Trustly’s journey towards this goal.
Ecospend, founded in 2017, is a CIF United Kingdom Regulated A2A payments provider powering the next generation of open banking-based payment and financial data services. Ecospend serves clients in a range of industries, including the public sector where the company has a key contract with the UK government’s tax authority, HMRC, which came into effect in March 2021. Over the past year, Ecospend has processed over £5 billion in A2A payments to over 2 million consumers. Ecospend’s strong payment initiation and account information services (PIS and AIS) in the UK, together with connectivity to over 80 UK banks, make it an ideal complement to Trustly’s collection capabilities and a wider European footprint.
Johan Tjärnberg, Trustly Group CEO, comments: “I am delighted to welcome Ecospend to Trustly. It is a perfect strategic fit and I am confident it will allow us to deliver a market leading product in the UK, allowing us to capture opportunities and accelerate our current expansion in the UK.”
Metin ErkmanFounder of Ecospend: “With Trustly, we will be able to further accelerate our expansion into the UK and continue to raise the bar of service excellence to our customers. We will continue to leverage our cutting-edge technology and our UK banking connectivity and, together with Trustly, expanding our capabilities to expand across Europe and other markets. We’re really excited to join the Trustly family.”
The transaction is subject to customary regulatory approvals. The parties, Trustly AB and Ecospend Technologies Ltd, have agreed not to disclose any financial details.
For more information please contact:
Charlotte EriksonHead of Strategic Transformation and Head of Corporate Communications at Trustly
+46 (0)76 115 32 10, [email protected]
Founded in 2008, Trustly is a global leader in open banking payments. Our digital account-to-account platform redefines payment speed, simplicity and security, connecting some of the world’s largest merchants to consumers directly from their online banking accounts. Trustly can manage the entire payment journey, which sets us apart from the competition and allows us to offer an attractive alternative to traditional card networks at a lower cost. Today, we serve 8,100 merchants, connecting them to 525 million consumers and 6,300 banks in more than 30 countries; and in 2021, we processed more than $28 billion in transaction volume in our global network.
We are an authorized Payment Institution under the Second Payment Services Directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the United States, we are regulated by the state as necessary to serve our target markets. Learn more at www.trustly.com.
Founded in 2017, Ecospend is an Open Finance Technology platform. In 2021, Ecospend won one of the largest Open Banking contracts ever, with HMRC.
Over the past year, Ecospend has processed over £5 billion in transaction volume from its client portfolio which, in addition to the UK government, includes several prime private sector clients such as ITV , Toolstation, Anglian Water and London Mutual Credit Union.
Ecospend operates under the supervision of the UK FCA. Learn more at www.ecospend.com
SOURCE Trustly, Inc.