Trustly merges with PayWithMyBank to create transatlantic online payment giant

June 13, 2019

Trustly, a Swedish fintech that allows customers to make payments directly from their bank accounts, announced a merger with PayWithMyBank, a firm based in Redwood City, Callfornia that provides a similar online payment service.

The merger will allow 600 million customers across the U.S. and Europe will be able to pay directly through their bank accounts.

"Trustly has had its eye on the U.S. for a while because our merchants had expressed an interest in offering our services there," Meredith Popolo, spokesperson for Trustly, told Mobile Payments Today via email. "The U.S. is a complex market, but PayWithMyBank has unparalleled knowledge about its online banking payments network."

Following the merger, Alexandre Gonthier, founder and CEO of PayWithMyBank, will become U.S. CEO of the combined company and will be responsible for all U.S. business development He will report to Group CEO Oscar Berglund. The companies will continue to operate under their respective brand names for now, Popolo said.

She said that merchants that only take credit cards can accept online payments from Trustly after integrating with its payment technology through an API.

The combined companies had revenue of $120 million in 2018, according to the release.


Topics: Mobile Banking, Mobile Payments

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