Trustly has taken what the firm has described as a ‘significant step’ in achieving its European payments vision by completing its acquisition of SlimPay.
Having secured regulatory approval for the acquisition, Trustly intends to integrate its own Open Banking technology with SlimPay’s recurring payments solutions. The Stockholm-based firm’s long-term goal is a ‘redefining’ of Europe’s recurring payments sector.
The main benefit to consumers, Trustly asserted, is the removal of manual detail entry at checkouts, which the firm believes will enhance the customer experience and improve business conversion rates.
Johan Tjärnberg, Group CEO of Trustly, said: “SlimPay’s unique product capabilities, fused with Trustly’s innovative technology, are a game-changer for recurring payments in Europe.
“Our alliance synergizes Trustly’s expansive reach and SlimPay’s specialised expertise, creating a comprehensive, pan-European offering that already has attracted top-tier global brands.”
Trustly first secured the full acquisition of SlimPay back in August 2023, with the takeover closely following the launch of the Azura payments engine. The company hopes that today’s completed acquisition will further augment Azura’s network effect for a more efficient payment offering.
Speaking to Payment Expert at the SBC Summit Barcelona in September last year, Trustly CCO, Olof Wirfelt, described Azura as a ’really powerful payment experience’ defined by its personalisation qualities – the firm will now be seeking to build on this using SlimPay’s capabilities.
Of significance to Trustly are SlimPay’s relationships in the utilities, insurance, transportation, media and fitness spaces, as well as its specialisation in SEPA direct-debit capabilities, which its new parent firm asserts hold ‘unified synergies’ with its own proprietary and frictionless payment activities.
From a strategic standpoint, Trustly intends to leverage the acquisition not just to secure its goal of redefining European recurring payments, but also to further consolidate its own position in the continental market.
Jerome Traisnel, CEO of SlimPay, remarked: “Merging with Trustly is a milestone in innovating recurring payment systems. Our combined capabilities will significantly enhance billing and subscription services, offering customers unparalleled efficiency.
“This collaboration paves the way for supporting more global brands and leading innovations in the industry.”