Trustly acquires recurring payment provider SlimPay for €70m

Trustly is partnering up with recurring payment provider SlimPay in an acquisition worth a reported €70m, which will expand both firms' European presence

Swedish fintech Trustly has acquired Paris-based recurring payments provider SlimPay in a deal worth a reported €70m.

In a statement released to the press, the two companies say that the tie-up will combine SlimPay’s platform and Trustly’s technology to create an “exceptional payment experience” for European customers. Specifically, the acquisition will pave the way for “error-free payment registration” that allows consumers to pay bills, subscribe to a service or opt for flexible payment plans.

It comes shortly after the successful launch of Trustly Azura, a new technology and data engine that will improve the payments experience for merchants and consumers through better personalisation and data optimisation.

What have they said about Trustly-SlimPay deal?

The two companies say the synergies with the deal will create an intuitive payment process for consumers leveraging the best of Trustly’s Account-to-Account (A2A) technology and SlimPay’s direct-debit capabilities.

In 2022, direct debits totalled over €10tn throughout Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations. Together, the two parties will work towards improving the payments process for merchants and consumers in the Single Euro Payments Area (SEPA), which includes Germany, France, Spain and Italy.

Johan Tjärnberg, Group CEO of Trustly, says: “We are thrilled that SlimPay is joining Trustly. 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.”

Jérôme Traisnel, CEO of SlimPay, adds: “Together with Trustly, we will bring a new, streamlined payment experience to the European recurring payments space, creating an unrivalled network of merchants and consumers across the entire repeat payment economy. We look forward to working with Trustly to build an innovative and comprehensive platform across Europe.”

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