Trustly, a Stockholm, Sweden-based online payments innovator, as per recent reports, has announced a merger with PayWithMyBank, a Redwood City, California-based payments portal.
Trustly’s recent merger announcement follows Nordic Capital’s little over a year announcement acquiring a majority stake in the Stockholm-based online banking payments provider.
“This transformative merger creates the first and only online banking payments network with transatlantic coverage and accelerates our path towards global coverage,” says Oscar Berglund, CEO, Trustly.
Calling PayWithMyBank as an online banking pioneer dating as back to the millennium year – 2000, Oscar adds, “Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments,” Berglund adds, “allowing them to accept payments from 600 million consumers across Europe and the US”.
As per a Trustly spokesperson, the two companies will continue working under their own respective brands ‘for now’.
Trustly’s three-step process enables consumers to quickly shop and make payments directly from their bank accounts. The technology helps merchants improve conversions and reduce churn while still be able to provide bank-grade security while transacting.
According to Alexandre Gonthier, CEO, PayWithMyBank, as it pans out, the idea behind the merger was in some ways a function of demand. “Our large, US-headquartered customers were all asking us to expand our consumer coverage globally beyond the US,” Gonthier says. “So, joining forces with Trustly, the established leader in our space in Europe, was a natural strategic next step for PayWithMyBank, the emerging leader in the US,” says Alexandre.