Online Banking Payments Fintech Trustly Launches in Australia & Canada

Online banking payments provider Trustly, announced today that it has expanded its global footprint into the Asia Pacific region. Specifically, the company has launched in Australia and Canada.

With its launch in Australia, Trustly has made its first move into the APAC region. On the other hand, its expansion into Canada furthers its market coverage in North America.

According to the statement from the online banking Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company released today, the expansion into the two countries represents a 'momentous move' in the company’s plan to develop a global online banking payments network.

Trustly Continues to Expand Its Footprint

With the two new countries added to its repertoire, Trustly is now operational in Europe, the United States, Canada and Australia. Additionally, some of its staff are based in Latin America.

Commenting on the expansion, Oscar Berglund, the Chief Executive Officer (CEO) of Trustly, said in the statement today: “Expansion into both Australia and Canada is a major milestone in our ambitions to build a global Online Banking Payments network.

“They are both large markets with great potential and we already see high demand from merchants that are looking for Open Banking solutions and a compelling alternative to card payments.”

Founded in 2008, the Sweden-based company is a licensed Payment Institution under the second payment services directive (PSD2). It operates under the supervision of the Swedish Financial Supervisory Authority. Last year, it merged with Silicon Valley-based PayWithMyBank to create a transatlantic payment network for consumers to pay for online shopping direct from their bank accounts.

Today’s announcement follows on from the Swedish Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm receiving an investment from American global investment management corporation BlackRock.

As Finance Magnates reported, the investment from BlackRock back in June of this year, values the company at over $1 billion, according to TechCrunch. In 2018, Trustly was acquired by Nordic Capital in 2018 in a deal rumoured to be worth around EUR 700 million.