Trustly buys Ecospend to strengthen its position in the UK

Trustly, the leading global payments platform for digital Account-to-Account transactions (“A2A”) today announces the acquisition of the UK-based Open Banking Payments platform Ecospend. Ecospend’s strong UK A2A product and full bank connectivity will complement and enable Trustly to deliver a market-leading product in the UK, and further accelerate its UK roll-out  – one of Europe’s most rapidly growing A2A regions and a core growth market for Trustly.

The UK market is a dynamic one, four years after PSD2 made Open Banking a requirement in the UK. It has a rapidly growing consumer base and strong transaction growth. As previously announced, the UK is one of Trustly’s core growth markets. Having set an ambitious target to be the game-changing market leader in the UK, the acquisition of Ecospend now accelerates Trustly’s journey towards that target.

Ecospend was founded in 2017 and is an FCA UK-regulated A2A payments provider. It powers the next generation open banking based payments as well as financial data services. Ecospend has clients across a variety of industries. It also serves the Public Sector, where it holds a key contract to the UK tax authority, HMRC. This contract went live in March 2021. In the past year, Ecospend has processed over £5bn in A2A payments to over 2 million consumers. Ecospend’s strong UK Payment Initiation and Account Information Services (PIS & AIS), as well as connectivity with 80+ UK banks makes it a strong fit with Trustly’s collection capabilities and wider European footprint.

Johan Tjärnberg, Group CEO of Trustly, comments: “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’s Founder, Metin Erkman: “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. Trustly and we will leverage our UK-leading technology and bank connectivity and expand our capabilities across Europe and other markets. We are really excited to join the Trustly family.”

The transaction will require customary regulatory approvals. Trustly AB, Ecospend Technologies Ltd and the parties have committed to not disclosing any financial information.

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