Trustly, the global payments platform for digital account-to-account (A2A) transactions announced the closing of the acquisition of UK-based open banking payments platform Ecospend, following FCA approval. Trustly and Ecospend together featured connectivity with over 80 banks and a consumer reach of approximately 50 million consumers.
The UK is one of Europe’s most rapidly growing A2A markets and a core growth market for Trustly. The Ecospend UK Payment Initiation Services and Data Services, such as affordability and identity verification solutions, coupled with full UK bank connectivity, make it a strategic fit with the collection capabilities and cross-border reach of Trustly. The combined entity is well-positioned to deliver a product that will help accelerate its expansion in the UK market, as well as in the rest of Europe.
Together, Trustly and Ecospend capabilities will feature:
- Bank connectivity with +80 banks in the UK.
- Extensive consumer reach with +50 million consumers in the UK.
- Strong payments volume of over £7.5 billion in the UK for 2022.
Many of Trustly’s UK customers are already benefiting from the partnership and the use of Ecospend’s open banking technology solutions.
“We are very excited that we have now officially closed the acquisition. This is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK. We can’t wait to continue our expansion journey as a collective team. Bringing best-in-class open banking solutions to both consumers and merchants”, Johan Tjärnberg, group CEO of Trustly, comments.
Ecospend, founded in 2017, is an FCA-regulated pay-by-bank payments provider powering payments and financial data services. Ecospend serves clients in a range of industries. The company holds a key contract with the tax authority of the UK government, HMRC.
“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. Trustly and Ecospend will be able to excel in this space with the most comprehensive and compelling solution on the market”, says James Hickman, chief commercial officer at Ecospend.