With its launch in Australia, Trustly has made its first move into the APAC region. On the other hand, its expansion into Canada furthers its market coverage in North America.
According to the statement from the online banking payments company released today, the expansion into the two countries represents a ‘momentous move’ in the company’s plan to develop a global online banking payments network.
Trustly Continues to Expand Its Footprint
With the two new countries added to its repertoire, Trustly is now operational in Europe, the United States, Canada and Australia. Additionally, some of its staff are based in Latin America.
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Commenting on the expansion, Oscar Berglund, the Chief Executive Officer (CEO) of Trustly, said in the statement today: “Expansion into both Australia and Canada is a major milestone in our ambitions to build a global Online Banking Payments network.
“They are both large markets with great potential and we already see high demand from merchants that are looking for Open Banking solutions and a compelling alternative to card payments.”
Founded in 2008, the Sweden-based company is a licensed Payment Institution under the second payment services directive (PSD2). It operates under the supervision of the Swedish Financial Supervisory Authority. 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.
Today’s announcement follows on from the Swedish fintech firm receiving an investment from American global investment management corporation BlackRock.
As Finance Magnates reported, the investment from BlackRock back in June of this year, values the company at over $1 billion, according to TechCrunch. In 2018, Trustly was acquired by Nordic Capital in 2018 in a deal rumoured to be worth around EUR 700 million.