Payments platform Trustly has acquired HMRC’s open banking provider Ecospend to expand its presence in the UK.
Swedish fintech Trustly, which enables payments for digital account-to-account transactions, said Ecospend has a strong product and full bank connectivity that will complement and allow Trustly to deliver a product in the UK and further accelerate its UK roll-out.
The transaction is subject to customary regulatory approvals.
Read more: Plend targets £14m in lending this year
“I am delighted to welcome Ecospend to Trustly,” said Johan Tjärnberg, group chief executive of Trustly.
“This is a perfect strategic fit and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”
“Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers,” said Metin Erkman, founder of Ecospend.
“We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family.”