Trustly acquires French paytech SlimPay for a reported €70m
Swedish paytech Trustly has acquired French account-to-account payment fintech SlimPay for a reported sum of €70 million, according to Bloomberg.
Trustly acquires SlimPay for a reported €70m
With the acquisition, subject to regulatory approvals, Trustly aims to “set a new standard in recurring payments for merchants and consumers across Europe and the UK”.
Founded in 2008, Trustly leverages open banking to handle the entire payments journey, connecting brands with consumers and enabling them to transfer, pay and get refunded. It claims to work with over 8,300 merchants across more than 30 markets, connecting them to over 650 million consumers through 12,000 banks.
A licenced payment institution, Trustly operates in Europe under the supervision of the Swedish Financial Supervisory Authority, state-regulated in the US, and through the Temporary Permissions Regime (TPR) under the Financial Services Authority in the UK.
SlimPay was founded in 2010 and provides recurring payment solutions to merchants and consumers through Single Euro Payments Area (SEPA) direct debit and open banking capabilities. Supervised by the French banking regulator (ACPR) in Europe, SlimPay claims to serve 2,000 merchants in over 20 countries.
Trustly says its acquisition will allow for “error-free” payment registration and “better” conversion and flexibility, enabling consumers to pay bills, pay for subscriptions, or opt for flexible payment plans. Additionally, Trustly hopes to provide a pan-European recurring payments service and improve the payments process for merchants and consumers in SEPA, including Germany, France, Spain and Italy.
“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,” says Johan Tjärnberg, group CEO of Trustly.
The acquisition follows the launch of Trustly Azura, a new data engine that aims to improve the payment experience through personalisation and data optimisation.
“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,” Tjärnberg adds.
