Trustly Merges With PayMyBank

June 19, 2019 Staff Writer Industry News 81

Europe’s leading online banking payments provider, Trustly, has announced that they will merge with PayWithMyBank, a Silicon Valley-based online banking payments leader.

This partnership between Trustly and PayWithMyBank will allow merchants with a global footprint to accept online banking payments from European and US customers. It will also provide merchants with an alternative to the card networks, and enable them to accept online payments directly from customers’ bank accounts.

On the other hand, customers now have a fast, simple and secure way of handling their transactions.

Making Payments Even More Easier

In many European markets, the standard practice for customers is to pay directly with their bank account. This method of paying is emerging in the US as a much-needed alternative to credit cards.

After the merger is complete, PayWithMyBank founder and CEO, Alexandre Gonthier will serve as the US CEO, responsible for the overall US market development.

“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. 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.” Gonthier said.

He will report directly to Group CEO, Oscar Berglund, who commented: “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.”

More About Trustly

Trustly is a licensed payment institution and one part of its product offering is holding merchant funds, while PayWithMyBank does not hold any merchant funds. In the merged group, the PayWithMyBank shareholders are joining the shareholders of Trustly.

In the calendar year of 2018, the merged group had revenues in excess of €100 million.

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