PE house Bridgepoint pays $30M for a minority equity stake in Swedish Trustly.

Bridgepoint Development Capital announced that it has reached an agreement to invest approximately EUR 23 million (USD 30 million) for a minority stake in Trustly Group AB to support the continued growth of the business.

Trustly, a Stockholm-based online payments services provider, currently processes payments of EUR 1.1bn (USD 1.3bn) per annum, implying year-on-year growth in excess of 100%.

Trustly, founded in 2008 and led by CEO Carl Wilsson, developed proprietary and scalable PSP technology platform that can integrate any payment method and currently offers instant pay-ins and pay-outs, based on online banking epayments. The platform's real-time processing, bookkeeping and account reconciliation functionalities mean that payments can be made quickly, conveniently and safely - a key requirement for merchants, consumers and banks.

Trustly's payment methods were created for mobile devices and offer cross-border payment functionality. They are therefore particularly well-suited for international e-commerce on mobile and tablet devices and the Company is expanding into new European markets with the aim of making cross-border European payments as seamless, safe and convenient as domestic payments.