Trustly Announces Acquisition of Ecospend

Trustly, a prominent international payments platform for digital A2A transactions, announced yesterday that it has acquired Ecospend to expand its presence in the United Kingdom. Trustly noted that the UK is one of the company’s core markets.

Founded in 2017, Ecospend is regulated by the Financial Conduct Authority (FCA) in the UK. The company offers a broad range of services and has connectivity with more than 80 banks in the United Kingdom.

“Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers. We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family,” Metin Erkman, the Founder of Ecospend, commented.

The transaction is subject to regulatory approval. Trustly and Ecospend have decided not to disclose the financial details of the deal.

Open Banking Payments

The popularity of open banking has increased significantly in the European region during the past few years. Being one of the largest economies in the region, the UK is an attractive market for global open banking payments platforms. Founded in 2008, Trustly is a licensed Payment Institution under the second payment services directive (PSD2) and operates under the supervision of the Swedish Financial Supervisory Authority in Europe.

Johan Tjärnberg, the Group CEO of Trustly, commented: “I am delighted to welcome Ecospend to Trustly. This is a perfect strategic fit, and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”

In December last year, European open banking platform Tink completed the acquisition of FinTecSystems, a German financial technology company, to expand its global reach.