Trustly steps into US market following merger with Silicon Valley-based PayWithMyBank

Swedish-based online banking payments provider Trustly has announced that it is merging with online banking payments firm PayWithMyBank.

Through the new merger, both companies will begin to offer merchants the ability to accept online banking payments from European and US consumers.

Oscar Berglund, CEO, Trustly, explained: “This transformative merger creates the first and only online banking payments network with transatlantic coverage and accelerates our path towards global coverage.”

In the announcement, Trustly said the move “addresses the needs of merchants to have an alternative to the card networks.”

Berglund continued: “Alex was a co-creator of the online banking payments model in the year 2000 and we are very much looking forward to working with him and the impressive team at PayWithMyBank.

“Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments, allowing them to accept payments from 600 million consumers across Europe and the US.”

In the USA, as an alternative to credit cards, payments made directly with their bank account  has continued to grow – something that is already noticeable in European markets.

Alexandre Gonthier, CEO, PayWithMyBank, commented: “Our large, US-headquartered customers were all asking us to expand our consumer coverage globally beyond the US.

“So, joining forces with Trustly, the established leader in our space in Europe, was a natural strategic next step for PayWithMyBank, the emerging leader in the US.

Following the merger, PayWithMyBank founder and CEO, Alexandre Gonthier, will be the US CEO, with overall responsibility for US market development. Gonthier will report to Trustly’s CEO, Oscar Berglund.

The combined group had revenues in excess of $120 million in the calendar year of 2018

Conthier concluded: “We look forward to offering a richer service to our existing customers and partners, and building an unparalleled solution for merchants and billers with global ambitions.”