Following FCA (Financial Conduct Authority) approval, United Kingdom-based Open Banking payments platform, Ecospend is now officially a Trustly acquisition. As a result, the two companies are officially the United Kingdom's leading Open Banking Payments Corporation, connected to 80+ banks, with an approximate customer reach of 50 million people.
The United Kingdom ranks among the fastest-growing account-to-account markets in Europe, and it represents a strategic growth market for Trustly. Combined with Ecospend's robust UK Payment Initiation Services & Data Services, it's now possible to deliver identity verification solutions and affordability to customers across the board. All of these value-added benefits operate within the realm of UK banking connectivity.
This fits perfectly with Trustly's international appeal and its collection capabilities. The synergistic units are well-positioned to provide a value-added product to UK customers, line for massive growth and expansion across the UK and continental Europe. Combined, Trustly and Ecospend deliver on expectations with the following benefits:
- Connectivity to 80+ banks across the United Kingdom
- Immense payment volume was £7.5 billion in the UK in 2022
- Far-reaching potential with access to 50 million+ consumers across the UK
Already, millions of customers are enjoying all the benefits of Trustly's new partnership with Ecospend. Thanks to the Open Banking Technology solutions of Ecospend, Trustly's services are bolstered by enhanced technology, connectivity, and accessibility.
Johan Tjärnberg, Group CEO of Trustly stated:
It's now official - the acquisition has been completed, and we couldn't be more thrilled. This milestone perfectly aligns with Trustly's mission to become the leading provider of Open Banking solutions for consumers and merchants in the UK. We're thrilled to continue our growth as a unified team, providing the best Open Banking technology on the market.
James Hickman, Ecospend CCO, stated:
The UK is a major hub for digital payments in Europe and presents an immense opportunity that Trustly and Ecospend are uniquely positioned to capitalize on. Consumers and businesses alike are eager for Open Banking and its convenience and security. Our offering is the most comprehensive and compelling on the market, and we are confident that we can make an impact in this space.
Ecospend is an innovative FCA-regulated pay-by-bank payments provider revolutionizing the payments and financial data services industry. Established in 2017, Ecospend has already secured a binding agreement with HMRC, the UK government's tax authority. This rapidly expanding company is well-known for providing services to various industries, enabling businesses to securely and quickly process payments and access valuable financial data.