Online payment platform Trustly’s global expansion plans just got a big boost.
The BlackRock-led group is injecting capital into Trustly at a time when the company is building out its network, which enables merchants to accept bank transfers with the same ease as they now take credit card payments.
“At Trustly, we’re leveraging local bank-to-bank payment rails to build a global online banking payments network that enables people to pay directly from their bank accounts in a safe and convenient manner,” said Trustly CEO Oscar Berglund in a press release.
“We welcome BlackRock and the other investors as minority shareholders in Trustly,” Berglund said. “With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love.”
The investment deal values Trustly at more than $1 billion, according to TechCrunch.
Trustly had revenue of more than $147 million in 2019, according to Nordic Capital’s website. In 2018, the private investment firm bought a majority stake in Trustly for nearly $800 million.
With the deal, Nordic remains a majority owner of Trustly, which merged last year with California-based rival PayWithMyBank.
The BlackRock-led group of institutional investors includes Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC.
“It is a testament to Trustly’s amazing success that Nordic Capital is able to attract such a consortium of world-class investors,” said Fredrik Näslund, partner at Nordic Capital Advisors, in a press statement. “Nordic Capital welcomes our new partners as co-investors and looks forward to continuing a successful journey with Trustly.”
Citigroup Global Markets Limited also took part in the transaction, acting as a financial advisor.