Swedish open banking and payments firm Trustly has acquired A2A-based recurrring payments platform SlimPay in a deal believed to be worth €70 million.
The combination will add to Trustly’s existing Direct Debit capability in the UK - achieved through last year's acquisition of open banking vendor Ecospend - and Sweden, and provide a pan-European recurring payments service for merchants and consumers across the continent, including Germany, France, Spain and Italy.
In 2022, Direct Debits totaling over €10 trillion were collected across Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations.
Trustly, which in 2021 shelved plans to raise €785 million in an IPO owing to due dilligence issues, currently offers payments for over 8,300 merchants in 30+ markets, connecting them to 650+ million consumers through 12,000 banks, while French vendor SlimPay services 2,000 merchants in 20+ countries across several industries, such as utilities, insurance, transportation, media, fitness, and dfinancial services,
The acquisition of SlimPay comes shortly after the launch of Trustly Azura, a new technology and data engine that offers consumers and merchant personalised data services.
Johan Tjärnberg, group CEO of Trustly, comments: "SlimPay’s Sepa solution for modern Direct Debit in combination with the optimised experience of Trustly Azura will together be able to revolutionise the recurring payment experience and create a new industry standard. 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.“