Account-to-account (A2A) payments provider Trustly has acquired UK-based Ecospend.
The deal for open banking payments provider Ecospend, for an undisclosed sum, will further strengthen Sweden-based Trustly’s position in the UK market.
Ecospend, founded in 2017, serves clients in a range of industries, including HM Revenue and Customs in public services. In the past year, the provider has processed more than £5 billion in A2A payments to 2 million+ consumers.
Trustly said that Ecospend’s UK payment initiation and account information services, as well as connectivity with 80+ local banks, makes the provider a strong fit with its own collection capabilities and wider European footprint.
Johan Tjärnberg, group chief executive officer of Trustly, commented: “I am delighted to welcome Ecospend to Trustly. This is a perfect strategic fit and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”
Metin Erkman, founder of Ecospend, added: “Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers. We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family.”