Trustly acquired by Nordic Capital

Payments company Trustly has been acquired by Scandinavian private equity group Nordic Capital for an undisclosed amount.

Trustly’s largest shareholder Bridgepoint Development Capital will dispose of its full equity interest in Trustly but management, founders and investment company Alfvén & Didrikson will remain as significant shareholders.

Nordic Capital’s track record in the sector includes successes with payment platform Bambora and an investment in Point, a payment terminal and software company.

Oscar Berglund, CEO of Trustly, said: “The shift towards online banking based payment solutions is only in its infancy and we are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online.

“We are delighted to partner with Nordic Capital whose support will be of great value as we grow across merchant verticals, products and geographies. I also want to thank Bridgepoint Development Capital for their exceptional contribution over the last three years.”

Fredrik Näslund, Partner, advisor to the Nordic Capital funds, said: “Direct bank payments are the future of payments and Trustly is leading this transition. This investment is at the core of Nordic Capital’s payment investment strategy, and after having followed the company for many years, we have built a strong conviction in the business and we are impressed by what the founders and management have built over the last 10 years.

“Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities. We intend to support the management team and founders in the journey to becoming the global account-to-account infrastructure player by providing capital and experience from our previous successful investments in payments.”  

The transaction is subject to customary regulatory approvals and approval by the Swedish Financial Supervisory Authority. The parties have agreed to not disclose any financial details.