The Swedish fintech company Trustly , has announced its plans for €9 billion valuation to list on Nasdaq Stockholm exchange in second quarter.
An increasing number of Fintechs are creating alternative payment rails utilizing the Open Banking infrastructure mandated in the EU.
With interchange capped in the EU financial institutions seem less resistant to this approach as we identified earlier with BNP Paribas and Token deploying a new payment method called Instanea built on the Open Banking infrastructure.
The Chief Executive Officer of Trustly Oscar Berglund, said:
“The world is changing faster than ever, and we need payment methods that can keep up. At Trustly, we’re building a global payments network that bypasses the card networks so people can pay directly from their bank account and feel safe while doing so.”
He also added that the company is going to raise 8 billion Swedish crowns in primary proceeds that trustly will use to pay off existing debt facilities, and then to have a net cash positive balance sheet.
Trustly is a digital account-to-account platform which redefines the simplicity, speed and security of payments, letting consumers pay merchants directly from their online bank accounts. Trustly can handle the entire payment journey, setting it apart from the competition and enabling its customers to offer an attractive alternative to the traditional card networks at a lower cost.
The Swedish firm was found in 2008, the company has PayPal, Wise and Facebook as its customers.
Wise and Klarna, the other European fintech firms such as are also planning for stock market listings.
The Chairman of Trustly, Johan Tjärnberg said.
“This is sort of a process that we have been working on for a year now to prepare the company and make it ready for the public markets.”
