Trustly postpones USD 9 bln flotation due to Swedish regulator concerns

Tuesday 4 May 2021 14:36 CET | News

Swedish payment group Trustly has announced its IPO has been postponed after Sweden’s FSA has raised concerns about Trustly’s lack of due diligence on its end customers.
The planned initial public offering was set to take place in Q2 2021 but had now been postponed indefinitely, Trustly said. Sweden’s Financial Supervisory Authority told Trustly in April that while it had until now conducted due diligence only on the merchants for which it provided payment services, it should now also check on some end-customers. 

Trustly offers payments directly from the bank accounts of customers to those of merchants. It claims its fees are lower than fintech companies that use card networks because it cuts out the middlemen. As well as ecommerce, Trustly is also known in the payments industry for having a large presence in the higher-risk betting sector, Financial Times explains. 

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Keywords: IPO, payment processing, ecommerce, fintech, online payments
Categories: Payments & Commerce | Online Payments
Countries: Sweden
This article is part of category

Payments & Commerce