Fintech M&A: Trustly makes latest acquisition with €70m SlimPay deal
The open banking payments space is seeing increasing consolidation.
Swedish payments fintech Trustly has acquired Slimpay in a €70m deal.
Paris-based Slimpay, which was founded in 2010, offers account-to-account payments to merchants with recurring payment needs.
Prime Ventures and Maine Capital are the key shareholders of the company, which according to Bloomberg, meant a total €70m payout for investors.
Trustly also acquired UK open banking firm Ecospend last year, having shelved plans to go public in 2021.
"The addition of SlimPay is fully in line with Trustly’s strategy to offer a unique 360 degrees embedded experience across all types of digital payments.“ Trustly’s Group CEO Johan Tjärnberg said.
The deal will aim to bolster the two companies' recurring payments propositions and expand their combined customer base into new verticals and geographies.
"Together with Trustly, we will bring a new, streamlined payment experience to the European recurring payments space, creating an unrivalled network of merchants and consumers across the entire repeat payment economy. We look forward to working with Trustly to build an innovative and comprehensive platform across Europe,” Slimpay’s CEO Jerome Traisnel said.
Royal Park Partners acted as exclusive strategic and financial advisor to SlimPay and its shareholders.