BlackRock Invests in Swedish Payments Fintech Trustly

Trustly offers cross-border payments to and from customer accounts at more than 600 banks

BlackRock Private Equity Partners, the firm’s private equity division, and a group of institutional investors are becoming minority shareholders in Swedish online account-to-account payments provider Trustly, according to market sources. Terms were not disclosed.

BlackRock Private Equity Partners was founded in 1988 and specializes in direct and fund investments.

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The move diversifies the shareholder base of Trustly, which was acquired by Nordic Capital in 2018 in a deal rumoured to be worth around EUR700 million. According to TechCrunch, the new investment values the company at over $1 billion.

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Nordic Capital remains the firm’s majority shareholder but is now joined by Black Rock, Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC.

Trustly

Trustly was founded in 2008 and offers cross-border payments to and from consumer accounts at more than 6000 banks. Last year it merged with Silicon Valley-based PayWithMyBank to create a transatlantic payment network for consumers to pay for online shopping direct from their bank accounts.

Trustly has matured from three people in 2008 to over 350 employees today. With nine offices in Europe and the Americas, it processes more than 9 million payments monthly.

“We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love,” Oscar Berglund, CEO at Trustly, said in a statement.

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