Swedish financial technologies firm, Trustly Group AB, has announced that it will now be able to offer transatlantic online banking payment services to some 600 million consumers following its merger with American counterpart PayWithMyBank.
The Stockholm-headquartered firm also has offices in Spain, Finland, Germany, Malta and the United Kingdom and used an official Thursday press release to detail that the union is to allow even more merchants in the United States with ‘a global footprint’ to accept online payments from European customers. The innovator explained that the amalgamation will moreover provide consumers in Europe with additional ways to quickly and securely pay for goods and services from American providers without the use of a credit card.
Established in 2008, Trustly stated that it is a licensed payment institution that holds merchant funds while PayWithMyBank conversely does not retain such cash. It furthermore declared that the merged enterprise is to feature shareholders from both firms and create an entity that last year racked up combined revenues of over €100 million ($112 million).
Trustly Group AB detailed that the merger is due to see Alexandre Gonthier, Chief Executive Officer for PayWithMyBank, serve in an analogous position for the enlarged entity’s operations in the United States and lead its efforts at establishing a ‘unique transatlantic payment network’ that is to be ‘based on next-generation online banking payments.’
Oscar Berglund, Chief Executive Officer for Trustly, used the press release to proclaim that the ‘transformative merger’ is set to create ‘the first and only online banking payments network’ to offer coverage on both sides of the Atlantic Ocean while furthermore accelerate his firm’s ‘path towards global coverage.’
Berglund’s statement read…
“Alexandre was a co-creator of the online banking payments model in the year 2000 and we are very much looking forward to working with him and the impressive team at PayWithMyBank. Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments, allowing them to accept payments from 600 million consumers across Europe and the United States.”
Based in the California community of Redwood City, PayWithMyBank began operations in 2014 and Gonthier stated that the merger will allow his firm to satisfy customer demand by expanding its ‘consumer coverage globally beyond the United States’. He additionally described Trustly Group AB as ‘the established leader in our space in Europe’ subsequent to clarifying that billers and merchants from across the globe will now be able ‘to benefit from accepting payments using a high-conversion [and] low-cost alternative payments method.’
Read a statement from Gonthier…
“We look forward to offering a richer service to our existing customers and partners and building an unparalleled solution for merchants and billers with global ambitions.”