An investor consortium that includes BlackRock, Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai and RSIC is acquiring a minority stake in Trustly. No financial terms were disclosed. Nordic Capital will remain the majority shareholder in Trustly. Based in Stockholm, Sweden, Trustly is an online account-to-account payments provider.
Stockholm, Sweden, June 10, 2020 – BlackRock Private Equity Partners, through its private equity funds and accounts under management, together with a consortium of institutional investors, including among others, Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC, are becoming minority shareholders in Trustly, the world’s leading online account-to-account (A2A) payments provider. Nordic Capital remains the majority shareholder in Trustly.
The transaction diversifies Trustly’s shareholder base and brings in additional long-term capital commitment to further support Trustly as it continues to invest in its products and infrastructure and expand globally.
Nordic Capital announced the acquisition of Trustly in March 2018 with the aim of supporting the expansion of the business internationally.
Oscar Berglund, CEO of Trustly, says: “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. We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love.”
Fredrik Näslund, Partner at Nordic Capital Advisors, says: “It is a testament to Trustly’s amazing success that Nordic Capital is able to attract such a consortium of world-class investors. Nordic Capital welcomes our new partners as co-investors and looks forward to continuing a successful journey with Trustly.”
Citigroup Global Markets Limited acted as financial advisor in connection with this transaction.
Founded in 2008, Trustly is the global leader in Online Banking Payments. Our account-to-account network enables consumers to make fast, simple and secure payments to merchants directly from their online banking accounts, without going through the card networks. With support for more than 6,000 banks, over 600 million consumers across Europe and North America can pay with Trustly. We serve many of the world’s most prominent merchants within e-commerce, financial services, gaming, media, telecom and travel, which all benefit from increased consumer conversion and reduced operations, fraud and chargeback costs.
Trustly has 400 employees across Europe, the US and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com.
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