Trustly has completed its acquisition of UK-based open banking payments platform Ecospend.
The Financial Conduct Authority has given the green light to the move, which will aim to improve service for over 80 banks and around 50m consumers.
The deal will also feature a strong payments volume of over £7.5bn in the UK for 2022.
Johan Tjärnberg, group CEO of Trustly, labelled the move an “important milestone” in line with Trustly’s aim to be the UK’s “market leader.”
James Hickman, chief commercial officer at Ecospend, added: “The UK is the largest digital payments market in Europe and represents a huge opportunity for us.
“We have seen an incredible appetite from both consumers and businesses to embrace open banking and the simple and secure payments that it enables.”