04 Nov - 2014
STOCKHOLM) – Bridgepoint Development Capital (“BDC”) has reached an agreement to invest approximately EUR 23 million (USD 30 million) for a minority stake in Trustly Group AB (“Trustly” or the “Company”) to support the continued growth of the business. Trustly, a Stockholm-based online payments services provider (“PSP”), currently processes payments of EUR 1.1bn (USD 1.3bn) per annum, implying year-on-year growth in excess of 100%.
Trustly’s proprietary and scalable PSP technology platform can integrate any payment method and currently offers instant pay-ins and pay-outs, based on online banking e-payments. The platform’s real-time processing, bookkeeping and account reconciliation functionalities mean that payments can be made quickly, conveniently and safely – a key requirement for merchants, consumers and banks.
Trustly’s payment methods were created for mobile devices and offer cross-border payment functionality. They are therefore particularly well-suited for international e-commerce on mobile and tablet devices and the Company is expanding into new European markets with the aim of making cross-border European payments as seamless, safe and convenient as domestic payments.
Trustly’s instant pay-ins and pay-outs are used by leading merchants across a variety of segments, such as Peer-to-Peer Marketplaces (Blocket, part of Schibsted), Sharing Economy (Tripwell), Travel (Logitravel), Electronics (Samsung), Daily Deals (Groupon), Financial Services (Western Union), Gaming (bwin.party) and e-Wallets (PayPal).
“Based on our unique technology platform and understanding of consumer and merchant needs, we have attracted a broad merchant base and exceptional talent to Trustly. We are currently established in seven European countries and look forward to continue our European expansion to enable consumers and merchants to engage in cross-border e-commerce, and to further strengthen our team. We are delighted to partner with Bridgepoint, who will provide valuable support and financial resources as we continue to grow and innovate.” said Carl Wilsson, CEO of Trustly.
“The European online payments market is expected to grow from EUR 37bn to c. EUR 65bn by 2020 and benefits from underlying structural growth, as e-commerce and purchases of digital goods take an increasing share of total trade. We are impressed by Trustly and the team. They have established a unique and disruptive European payment solution for convenient and safe online banking e-payments for B2B, B2C and P2P transactions “said Johan Dahlfors, partner at Bridgepoint Development Capital.
“They have shown strong growth on the back of an attractive technology platform and a scalable business model. The business is therefore well positioned in a growing market for online payment solutions. We look forward to working with the ambitious team to build out its European presence further” he continued.
The transaction is subject to approval by the Swedish Financial Supervisory Authority.
Trustly is a Swedish based FinTech company that develops secure, simple and cost efficient online banking e-payments solutions on the Internet and mobile devices. Trustly’s solutions attract global merchants across both the e-commerce (C2B) and online marketplaces (P2P) segments. The company was founded in 2008 and currently processes in excess of 7 million payments annually. Trustly is in 2014 ranked as one of Sweden's fastest growing technology companies on the Deloitte Sweden Technology Fast 50 list. Trustly won “Most innovative payment method” at the CIT Golden Card award in Spain 2014 . Trustly has 65 employees and is headquartered in Stockholm, Sweden. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority.
Bridgepoint Development Capital
Bridgepoint Development Capital (‘BDC’) provides funding to businesses headquartered in France, the Nordic region and the UK, typically buyouts valued up to EUR 150 million. It is part of Bridgepoint, the international private equity group, which invests in businesses across Europe valued between EUR 200 million and EUR 1 billion and currently has assets under management of c. EUR 8 billion. Current Bridgepoint investments include Pret A Manger, the international retailer of fresh, healthy and ready to eat food, Dorna SBK, the sports right management company with exclusive rights to promote and manage the MotoGP Motorcycle World Championship and the World Superbikes Championship, Wiggle, the online cycling, running and swimming retailer, and Histoire d’Or, the French jewellery retailer.
In June 2014, BDC exited its investment in Pulsant, the provider of IT infrastructure services to medium sized businesses in the UK, with a sale to Oak Hill Capital Partners, generating a money multiple of 3.1x.
For further information:
Head of Marketing & Communications, Trustly
+46 708 628 489
+44 20 7034 3555
Trustly Group utvecklar säkra, enkla och kostnadseffektiva direktbankbetalningstjänster på internet och i mobila enheter. Trustlys lösningar attraherar globala kunder inom tre segment: begagnathandel, e-handel och online-spel. 2014 är Trustly rankat som ett av Sveriges tio snabbast växande teknikbolag på Deloittes Sweden Technology Fast 50-lista och 2014 utsett till en av Red Herring top 100 Europe finalister. Trustly har cirka 65 anställda och huvudkontor i Stockholm. Trustly är ett svenskt betalningsinstitut under tillsyn av Finansinspektionen.
Läs mer på trustly.com
Trustly Group AB (org.nr 556754-8655) är ett svenskt auktoriserat betalningsinstitut under tillsyn av Finansinspektionen. Bolaget bedriver tillståndspliktig betaltjänstverksamhet i enlighet med lagen (2010:751) om betaltjänster och har genom underrättelse till Finansinspektionen tillstånd att tillhandahålla betaltjänster inom EU/EES.