Trustly, a startup from Sweden that has built a platform to make it as easy (and competitive) for merchants to accept bank transfers as it is to take card payments to complete online transactions, announced that it has raised a significant round of funding from a group of investors led by BlackRock.
In an interview, Trustly’s CEO Oscar Berglund said the company and its investors are not disclosing the exact amount of the investment, but we understand from reliable sources that the deal values the company — which is profitable and had revenues of more than $150 million last year — at over $1 billion, and that it will give BlackRock and others participating in the investment (including Aberdeen Standard Investments, funds managed by Neuberger Berman, the Investment Corporation of Dubai and RSIC) a minority share in the business.
Trustly’s growth comes amid a bigger picture of how e-commerce is evolving* as it continues to mature and become more ubiquitous — a trend that has been accelerated in the last several months as many have turned away from physically making purchases because of social distancing measures.
*Interested in learning more about the accelerated shift towards eCommerce?
COVID-19 has disrupted consumer spending habits. As the landscape changes, the rise in eCommerce has accelerated the shift of sales volume away from brick-and-mortar.
As the payments industry looks to adapt to this ‘new normal’, TSG has prepared an infographic covering recent trends and explores how certain payments industry players, such as gateways, are critical to the shift to eCommerce.