Online payments service provider Trustly completed the acquisition of UK-based open banking payments platform Ecospend.
Financial terms of the agreement were not disclosed, but it was confirmed that the deal was able to complete following approval from the UK’s Financial Conduct Authority.
Together, Trustly and Ecospend’s capabilities will include connectivity with more than 80 banks in the UK, as well as a reach of over 50 million consumers in the UK and payments volume in excess of £7.50bn (€8.53bn/$9.27bn) in the region.
Founded in 2017, Ecospend specialises in pay-by-bank payments and holds a contract with HM Revenue and Customs, the tax authority of the UK government.
“We are very excited that we have now officially closed the acquisition; this is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK,” Trustly group chief executive Johan Tjärnberg said.
Ecospend chief commercial officer James Hickman added..