Trustly merges operations with PayWithMyBank from US, creates a consumer transatlantic payment network.
Trustly, a Stockholm, Sweden-based company providing a solution for online banking e-payments, announced its intentions to merge operation with US-based competitor PayWithMyBank.
Financial details of the transaction were not disclosed.
Following the merger, PayWithMyBank founder and CEO, Alexandre Gonthier, will be the US CEO, with overall responsibility for US market development. Gonthier will report to Group CEO, Oscar Berglund.
The shareholders of PayWithMyBank are joining the shareholders of Trustly in the merged group.
The merged group aims to create a transatlantic payment network based on next-generation online banking payments for 600 million consumers across Europe and the US who can pay directly from their bank account instead of using cards. The combined group had revenues in excess of EUR100 million (USD120 million) in the calendar year of 2018.
Trustly was founded in 2008 by Carl Wilson, Joel Jacobsson and Lukas Gratte and is led by CEO Oscar Berglund. The company is majority owned by Nordic Capital, which acquired 70% of the shares in a $900M deal in 2018. Other investors include management, founders and investment company Alfvén & Didrikson.
PayWithMyBank, founded in 2012 and led by CEO Alexandre Gonthier, built a software solution that is an online and mobile payment alternative to cards. The company is backed by UK-based venture company Balderton Capital.