Nordic Capital Fund IX, a Swedish private equity firm, has agreed to acquire local online payments provider Trustly for an undisclosed sum.
Set up in 2008, Trustly offers direct account-to-account payments. The firm has operations in 29 European countries and employs 200 staff.
As part of the deal, Nordic Capital will buy the entire stake of Trustly’s largest shareholder Bridgepoint Development Capital.
Trustly CEO Oscar Berglund said: “We are delighted to partner with Nordic Capital whose support will be of great value as we grow across merchant verticals, products and geographies.”
However, Trustly management, founders and venture capital firm Alfven & Didriksson will continue to hold significant stakes in the firm. The deal is subject to regulatory approvals.
Nordic Capital funds adviser and partner Fredrik Naslund said: “Direct bank payments are the future of payments and Trustly is leading this transition. This investment is at the core of Nordic Capital’s payment investment strategy, and after having followed the company for many years, we have built a strong conviction in the business and we are impressed by what the founders and management have built over the last 10 years.”