BlackRock backs payments provider Trustly

A consortium of investors led by BlackRock Private Equity Partners has acquired a minority stake in Trustly. The Stockholm-based company allows customers to pay merchants directly from their bank accounts.

The terms of the deal were undisclosed but TechCrunch reported that it valued the business at more than $1 billion. Other investors in the transaction include Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai and RSIC.

Existing investor Nordic Capital remains the majority shareholder. The PE firm acquired Trustly for a reported €700 million. Last year, it combined its operations with US-based peer PayWithMyBank, creating a company with revenue of over €100 million in 2018.

Founded in 2008, Trustly supports payments from over 6,000 banks across Europe and North America. It has partnerships with businesses including Alibaba, Norwegian Air and PayPal.

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