Fintech Trustly has acquired UK-based competitor Ecospend, as part of a plan to strengthen the company’s position in the British market. Stockholm-headquartered Trustly specializes in account-to-account (A2A) payments using open banking. Fellow A2A firm Ecospend’s position in the UK will support Trustly’s expansion into the UK, which is one of the largest fintech markets in Europe and a leading adopter of open banking technology. Founded in 2017, Ecospend is an FCA regulated open banking firm that operates in both the private and public sectors. Ecospend lists both HMRC and ITV among its considerable client bases.
The buyout news comes a year after Trustly postponed a planned $9bn IPO launch after the Swedish Financial Supervisory Authority flagged concerns about the company’s due diligence. One of the areas of concern for regulators was Trustly’s dealings in the high-risk betting industry.