Trustly acquires French recurring payments platform, SlimPay

Trustly, a Swedish open banking and payments company, announced the acquisition of SlimPay, a French recurring payments platform on Tuesday. This is as the firm continues on its Europe-wide expansion. The deal is valued at 70 million euros ($75.7 million).

Trustly acquisition of SlimPay

Trustly sees the deal in question as one that will bolster its plans to expand into the recurring payments space including donations and subscriptions. The acquisition will add to the firm’s Direct Debit capability in the UK and Sweden. Subsequently, It will provide expansive pan-European recurring payments services including in France, Italy, Spain, and Germany.

In 2022, Direct Debits of over 10 million euros were collected across the continent. Interestingly, 80% of these transactions were from markets where SlimPay and Trustly have combined operations.

In a press release on 29thAugust, Trustly’s Group CEO, Johan Tjarnberg noted that the optimized experience of Trustly Azura, coupled with SlimPay’s SEPA (Single Euro Payments Area) solution for modern Direct Debit is bound to revolutionize the recurring payment experience.

SlimPay’s CEO, Jerome Traisnel added that the collaboration with Trustly will avail a streamlined payment experience in Europe’s recurring payments space. The goal is to bolster an unique and steady network of consumers and merchants in the broader recurring payments economy across the continent.

SlimPay is a leading company in recurring payments. It offers digital payment solutions to consumers and merchants in the retail, financial services, and utility sectors. It operates under ACPR supervision as an authorized payment institution.

The firm services 2,000 merchants in over 20 nations within various sectors such as utility, financial services, and insurance. At the same time, Trustly’s network comprises over 8,300 merchants in over 30 countries.