UK is one of Europe’s fastest-growing A2A markets and a core growth market for Trustly
Trustly, the leading global payments platform for digital Account-to-Account transactions has announced the acquisition of the UK-based Open Banking Payments platform Ecospend.
Ecospend’s strong UK A2A product and full bank connectivity will complement and enable Trustly to deliver a market-leading product in the UK, and further accelerate its UK roll-out – 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. Having set an ambitious target to be the game-changing market leader in the UK, the acquisition of Ecospend now accelerates Trustly’s journey towards that target.
Ecospend, founded in 2017, is a 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 £5bn in A2A payments. 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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