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Trustly completes Ecospend acquisition

Trustly completes Ecospend acquisition

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Following approval by the UK’s Financial Conduct Authority, payments services provider Trustly has finalised the acquisition of open banking payments and data platform, Ecospend.

The new combined entity will provide connectivity with over 80 UK banks, reaching more than 50 million consumers with a payments volume of over £7.5 billion.

Johan Tjärnberg, Trustly’s Group Chief Executive, commented: “We are very excited that we have now officially closed the acquisition.

“This is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK.”

James Hickman, CCO at Ecospend, added: “The UK is the largest digital payments market in Europe and represents a huge opportunity for us. We have seen an incredible appetite from both consumers and businesses to embrace open banking and the simple and secure payments that it enables. 

“Trustly and Ecospend will be able to excel in this space with the most comprehensive and compelling solution on the market.”