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Since its inception, Trustly has grown from just three employees to over 350 employees, with nine offices spread across the Americas and Europe. The Swedish startup's platform makes it easy for merchants to accept bank transfers as it is to accept card payments to complete online transactions
FREMONT, CA: BlackRock Private Equity Partners, Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai, and RSIC became minority shareholders in the Nordic Capital owned online account to account payments provider Trustly. Nordic Capital will remain the majority shareholder in Trustly, which it acquired in 2018. This new deal will bring in additional long term capital to support the company as it continues to invest in its products, infrastructure, and expand globally.
[vendor_logo_first]“We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love,” said Oscar Berglund, CEO at Trustly. Citigroup Global Markets Limited acted as financial advisor in connection with the transaction. The new investment takes Trustly's valuation to over USD 1 billion. BlackRock Private Equity Partners was founded in 1988 and specializes in direct and fund investments.
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“At Trustly, we’re leveraging local bank-to-bank payment rails to build a global online banking payments network that enables people to pay directly from their bank accounts in a safe and convenient manner,” said Berglund. The new investment diversifies the shareholder base of Trustly. The company was founded in 2008 and offers cross-border payments to and from consumer accounts at more than 6000 banks. In 2019, Trustly merged with Silicon Valley-based PayWithMyBank to create a transatlantic payment network for consumers to pay for online shopping direct from their bank accounts.
Since its inception, Trustly has grown from just three employees to over 350 employees, with nine offices spread across the Americas and Europe. The Swedish startup's platform makes it easy for merchants to accept bank transfers as it is to accept card payments to complete online transactions. The company processes over 9 million payments monthly. “It is a testament to Trustly’s amazing success that Nordic Capital is able to attract such a consortium of world-class investors,” said Fredrik Näslund, Partner at Nordic Capital Advisors.
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