Once again, we see investors from outside of Sweden investing in Swedish startups. Trustly just closed a round of 23 million euro from Bridgepoint Development Group.
Bridgepoint will get a a minority stake in Trustly to support the continued growth of the business. Trustly develops safe, simple and cost efficient bank payment services online and on mobile devices. Trustly’s solutions attract global customers from mainly three segments: Online marketplaces, the e-commerce trade and online gaming. The Stockholm-based online payments provider, currently processes payments of EUR 1.1bn (USD 1.3bn) per annum.
“Based on our unique technology platform and understanding of consumer and merchant needs, we have attracted a broad merchant base and exceptional talent to Trustly. We are currently established in seven European countries and look forward to continue our European expansion to enable consumers and merchants to engage in cross-border e-commerce, and to further strengthen our team. We are delighted to partner with Bridgepoint, who will provide valuable support and financial resources as we continue to grow and innovate.” said Carl Wilsson, CEO of Trustly.
“The European online payments market is expected to grow from EUR 37bn to c. EUR 65bn by 2020 and benefits from underlying structural growth, as e-commerce and purchases of digital goods take an increasing share of total trade. We are impressed by Trustly and the team. They have established a unique and disruptive European payment solution for convenient and safe online banking e-payments for B2B, B2C and P2P transactions“ said Johan Dahlfors, partner at Bridgepoint Development Capital.