Trustly acquires Ecospend

Monday 30 May 2022 13:37 CET | News

Global payments platform for digital account-to-account transactions Trustly has acquired the UK-based Open Banking Payments platform Ecospend.

Ecospend’s UK A2A product and full bank connectivity will complement and enable Trustly to deliver a better product in the UK, and further accelerate its UK roll-out – reportedly, one of Europe’s most rapidly growing A2A regions and a core growth market for Trustly. 

Four years after PSD2 made Open Banking a regulatory requirement in the UK, the market presents a dynamic ecosystem, with rapidly accelerating consumer adoption, and strong transaction volume growth. As previously announced, the UK is one of Trustly’s core growth markets. 

Ecospend, founded in 2017, is an FCA UK regulated A2A payments provider powering the next generation of Open Banking-based payments and financial data services. Ecospend serves clients in a range of industries, including Public Sector where the company has a key contract with the tax authority of the UK government, HMRC, which went live in March 2021. In the past year, Ecospend has processed over GBP 5 billion in A2A payments to over 2 million consumers. Ecospend’s strong UK Payment Initiation and Account Information Services (PIS & AIS), as well as connectivity with 80+ UK banks, makes it a strong fit with Trustly’s collection capabilities and wider European footprint. 

The transaction is subject to customary regulatory approvals. The parties, Trustly AB and Ecospend Technologies Ltd, have agreed to not disclose any financial details.

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Keywords: acquisition, Trustly, PSD2, Open Banking, account-to-account payment, Open Banking payments
Categories: Banking & Fintech
Companies: Ecospend, Trustly
Countries: United Kingdom
This article is part of category

Banking & Fintech




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