Trustly’s revenues were around EUR 130 million in 2019 and will be around EUR 200 million for 2020 on a “double digit” core earnings (EBITDA) margin, company representatives stated, cited by Crowdfund Insider. The press release goes on to explain that the appeal of financial technology companies has increased during the COVID-19 pandemic as more people shop online and make payments digitally to avoid physical contact. Many fintech firms simultaneously explore an IPO and a deal with a special purpose acquisition company, which raises money in an IPO and then buys a private company to give it a listing.
Trustly, founded in 2008 and with offices in Sweden, Spain, Malta, Germany and Britain, processes more than 4 million payments per month. Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly EUR 700 million and merged it with US-based PayWithMyBank in 2019.
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