Oscar Berglund, CEO, Trustly

Swedish-based banking payments provider, Trustly has announced today that they will merge with Silicon Valley-based online banking verification and payments provider PayWithMyBank.

Oscar Berglund, CEO of Trustly, said: “This transformative merger creates the first and only online banking payments network with transatlantic coverage and accelerates our path towards global coverage. Alex was a co-creator of the online banking payments model in the year 2000 and we are very much looking forward to working with him and the impressive team at PayWithMyBank. Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments, allowing them to accept payments from 600 million consumers across Europe and the US.”

The merger will create an expansion of their operations for accepting online banking payments for the European and US market. The merger also addresses the needs of merchants to have an alternative to the card networks and accept online payments directly from consumers’ bank accounts.

PayWithMyBank will use Trustly’s expertise in the Europe where payment direct from consumer’s bank account is widely used and will use these in the up and coming American markets.

Alexandre Gonthier, CEO of PayWithMyBank, said: “Our large, US-headquartered customers were all asking us to expand our consumer coverage globally beyond the US. So, joining forces with Trustly, the established leader in our space in Europe, was a natural strategic next step for PayWithMyBank, the emerging leader in the US. We look forward to offering a richer service to our existing customers and partners, and building an unparalleled solution for merchants and billers with global ambitions.”

Recently, Trustly Group announced that they have initiated a partnership with Collector, a Swedish digital bank to streamline the payment experience for customers of hundreds of medium and large-sized merchants across the Nordics.

by Megha Bhattacharya
Market Analyst at IBS Intelligence