By
Chainwire
May 15th, 2024
Trustly acquired SlimPay shortly after launching its data engine – Trustly Azura.
Swedish payments firm Trustly has acquired the French recurring payments platform SlimPay as it continues its Europe-wide expansion. SlimPay was established in 2010. Since then, it has grown to become a market leader in recurring payments, allowing digital payments through innovative technologies.
While both parties did not disclose the deal’s financial details, Di Digital estimates it may be worth over $75 million. Regardless, the transaction is subject to customary regulatory approvals.
CEO of SlimPay, Jerome Traisnel, believes the acquisition will create a streamlined recurring payment product for all merchants and consumers in Europe. “We look forward to working with Trustly to build an innovative and comprehensive platform across Europe,” he concluded.
With Acquisition of SlimPay, Trustly to Improve Payment Processing for European Merchants
Trustly will combine its Account-to-Account (A2A) technology with SlimPay’s Single Euro Payments Area (SEPA) direct-debit capabilities. Already, Direct Debits data from 2022 suggests that both companies handled 80% of all Direct Debits across Europe, amounting to over €8 trillion. By combining forces, Trustly will enjoy additional capability related to Direct Debits in the UK and Sweden.
Also, both companies will build a comprehensive pan-European recurring payments platform. The two companies will together improve the payment process for merchants and consumers in the SEPA, including Germany, France, Spain, and Italy.
Additionally, Trustly will facilitate error-free payment registration, improve conversion, enable bill payments, allow the choice of a flexible payment plan, and facilitate service subscriptions. The product is expected to be intuitive for consumers to understand and use.
Group CEO of Trustly, Johan Tjärnberg, expressed his thrill at the acquisition. He said:
“The addition of SlimPay is fully in line with Trustly’s strategy to offer a unique 360-degree embedded experience across all types of digital payments.”
SlimPay Will Accelerate the Azura Roll-out
Meanwhile, Trustly acquired SlimPay shortly after launching its data engine – Trustly Azura. The data engine will allow merchants and consumers to personalize and optimize their data. Trustly expects that adding SlimPay’s recurring payments and detailed data interface to its offering will fast-track the roll-out of Azura.
According to Tjärnberg, “SlimPay’s SEPA solution for modern Direct Debit in combination with the optimized experience of Azura will revolutionize the recurring payment experience.” Tjärnberg also believes it can create a new industry standard.
