Trustly acquires FinTech SlimPay in European expansion bid
By Gloria Methri
Swedish payments firm Trustly has announced the acquisition of French recurring payments platform SlimPay as part of its Europe-wide expansion. Founded in 2010, SlimPay is an expert in recurring payments, offering digital payment solutions to merchants and consumers across utility, financial services, and retail sectors. It is an authorised payment institution under ACPR supervision.
The acquisition will facilitate error-free payment registration, better conversion, and flexibility, enabling consumers to pay bills, subscribe to a service, or opt for flexible payment plans. The product synergy will create an intuitive payment process for consumers leveraging the best of Trustly’s Account-to-Account (A2A) technology and SlimPay SEPA direct-debit capabilities.
In 2022, Direct Debits totaling over €10 trillion were collected across Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations. The combination will add to Trustly’s existing Direct Debit capability in the UK and Sweden and provide a comprehensive pan-European recurring payments service.
The companies will together improve the payment process for merchants and consumers in the Single Euro Payments Area (SEPA), including Germany, France, Spain, and Italy.
Johan Tjärnberg, Group CEO of Trustly, said, “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 revolutionize 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.“
Jerome Traisnel, CEO of SlimPay, added, “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.”
The transaction is subject to customary regulatory approvals. The parties have agreed to not disclose any financial details.
IBSi Daily News Analysis
September 25, 2023
Account-to-Account Payments Platform
Why MENAP will become a hotspot for startups and VCsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage