It’s a wild world out there, but at Trustly we believe collaboration can make life a lot easier.
In the spirit of partnership, we invited Patrik Illerstig, CEO at Qliro, and Louise Karlander, Head of Business Development at Lindorff to our Stockholm headquarters for a fireside chat about everything from collaboration as a growing trend to what keeps them awake at night.
Trustly VP of Marketing Stefan Backlund (left), Lindorff Head of Business Development Louise Karlander (middle) and Qliro CEO Patrik Illerstig (right)
Lindorff, which manages debt collection for online payment solution Qliro, has been around since 1898 and has a long history of collaboration. Not only has it partnered with established banks, but it also partners with younger FinTech companies, like Lendify. “For Lendify, we’re not just doing collections. We’ve actually made a whole new product where we are a backup service if they have the regulatory needs,” said Karlander.
Qliro’s business certainly values collaboration as well, partnering with more than 200 payment methods. “Not doing everything ourselves is the key for us,” said Illerstig. “One thing is selection and intelligent choice, but I think partners can do some of that for us as well.”
Karlander explained that while partnerships are valuable and we may begin to see some consolidation in payments, variety will prevail. People will always want options and both direct payments and credit will be popular, she said. Ultimately, it will come down to user experience. “I think that as far as the tokenization — no one really cares who is actually managing the payment in the back. I mean, I don’t know how many of you here care if you have a Visa, MasterCard or AmEx. I think it’s a commodity and the commodity needs to have a user experience that the users really love.”
While the outlook is rosy for both Lindorff and Qliro, there’s always something to worry about. “One thing that we need to solve is what will happen with the younger generation,” said Karlander. “They have no concept of money because they haven’t seen bills and coins. When you don’t see it in physical form, how do you understand what the value is? When you don’t see and understand the value, we are going to go into a very different way of doing business.” Karlander believes that Lindorff and other financial service companies have a social responsibility to ensure younger generations grasp the value.
Illerstig, on the other hand, spends time thinking about cooperation. “Finding companies that you can actually build something together with and establish trust with is not easy. And finding good business models is very important from a Scandinavian perspective.” While it makes sense for bigger players to consolidate, he said, it’s a bit harder for small- and medium-sized companies to justify it. But there’s great potential in forging partnerships.
A big thanks to Qliro and Lindorff for joining us for this inspiring Trustly Talk and we look forward to more successful FinTech partnerships!