Swedish Open Banking payments platform Trustly has acquired SlimPay, a European account-to-account (A2A) payment fintech.
The financial details and terms of the deal have not been disclosed.
The combination of Trustly’s A2A technology and SlimPay’s Single Euro Payments Area (SEPA) Direct Debit capabilities will add to Trustly’s existing Direct Debit capability in the UK and Sweden, and provide a “comprehensive” pan-European recurring payments service.
Together, Trustly and SlimPay intend to improve the payments process for merchants and consumers in SEPA, including Germany, France, Spain and Italy.
The deal comes shortly after the launch of Trustly Azura, which is a new technology and data engine that aims to improve the payments experience for merchants and consumers through personalisation and data optimisation.
Trustly said that the addition of SlimPay’s recurring payments and data interface to its offering will accelerate the rollout of Azura.
At the start of 2023, Trustly closed its acquisition of Pay by Bank payments provider Ecospend, marking its expansion into the UK.
Johan Tjärnberg, group chief executive officer of Trustly, said: “We are thrilled that SlimPay is joining Trustly. SlimPay’s SEPA solution for modern Direct Debit, in combination with the optimised experience of Trustly Azura, will together be able to revolutionise the recurring payment experience and create a new industry standard.
“The addition of SlimPay is fully in-line with Trustly’s strategy to offer a unique 360 degrees embedded experience across all types of digital payments.”
Jerome Traisnel, chief executive officer of SlimPay, added: “Together with Trustly, we will bring a new, streamlined payment experience to the European recurring payments space, creating an unrivalled network of merchants and consumers across the entire repeat payment economy.
“We look forward to working with Trustly to build an innovative and comprehensive platform across Europe.”