FinTech: Trustly Acquires SlimPay To Provide A Pan-European Recurring Payments Service
Both parties have agreed to not disclose any financial details of the transaction.
Trustly, a global payment method, is partnering with SlimPay, a European leader in recurring payments, to enhance the world of recurring payments in Europe and the UK. This collaboration will combine SlimPay’s platform with Trustly’s proprietary technology to create a new and exceptional payment experience in the region.
The acquisition of SlimPay by Trustly aims to streamline payment registration, improve conversion rates, and offer more flexibility for consumers when paying bills, subscribing to services, or choosing flexible payment plans. This synergy will result in a user-friendly payment process, leveraging Trustly’s Account-to-Account (A2A) technology and SlimPay’s SEPA direct-debit capabilities.
In 2022, Europe saw Direct Debits exceeding €10 trillion in total, with 80% of these transactions occurring in markets where Trustly and SlimPay have operations. This acquisition will expand Trustly’s modern Direct Debit capabilities in the UK and Sweden, providing a comprehensive pan-European recurring payments service. Trustly and SlimPay will collaborate to enhance the payments process for merchants and consumers in the Single Euro Payments Area (SEPA), covering countries like Germany, France, Spain, and Italy.
This acquisition comes shortly after Trustly’s successful launch of Trustly Azura, a technology and data engine designed to enhance the payments experience through personalization and data optimization. By integrating SlimPay’s recurring payments and advanced data interface into its offering, Trustly expects to further accelerate the roll-out of Azura.
Johan Tjärnberg, Group CEO of Trustly, sees this partnership as a way to revolutionize the recurring payment experience and create a new industry standard, aligning with Trustly’s strategy to offer a comprehensive digital payments experience.
Jerome Traisnel, CEO of SlimPay, hopes to build an innovative and comprehensive platform for recurring payments across Europe. SlimPay, founded in 2010, is known for its expertise in recurring payments, serving various sectors such as utility, financial services, and retail.
The transaction is subject to customary regulatory approvals, and financial details have not been disclosed.
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Image by Gerd Altmann from Pixabay
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