Trustly acquired Entercash.
Trustly, a Stockholm, Sweden-based online payments services provider, acquired Entercash, a Swedish-founded, Malta-based company providing a secure, real-time bridge directly to their customers’ preferred payment bank accounts.
Financial details of the transaction were not disclosed. However, at the end of 2018, according to shareholders' annual reports, Entercash was valued at SEK 340M ($37.6M).
The company intends to integrate Entercash under the Trustly brand, and, according to Trustly's CFO, Jonas Palmqvist, one of the reasons for the acquisition is to get part of the team behind Enterchash.
Entercash, founded in 2010 and led by CEO Jonas Sundvall, delivers direct bank payments to companies in e-commerce, financial services, travel and online betting. The company is based in Malta.
Trustly, founded in 2008 and led by CEO Oscar Berglund, enables online account-to-account payments. Instead of relying on credit or debit cards, the company allows consumers to pay directly from one account to another one, reducing costs on fees and speeding the transaction time.