BlackRock et al. acquire minority stake in Nordic Capital's Trustly

Other investors in the consortium include Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai and RSIC.  

Sources had told Unquote sister publication Mergermarket in August 2019 that a deal involving Nordic Capital selling part of its stake would value Trustly at €1bn or more, while another source said that given the business's growth rate – forecasted to be 80% in the years ahead – the valuation would be close to €2bn. 

Nordic Capital will remain a majority owner of the company, which it acquired in March 2018. 

The transaction brings in additional long-term capital commitment to further support Trustly in its global expansion.

Previous funding
Bridgepoint Development Capital (BDC) in November 2014 invested €23m in Trustly for a 43% stake in the business.

In March 2018, BDC and Trustly's founders sold their stakes to Nordic Capital, which acquired a majority stake in the company alongside existing investor Swedish VC firm Alfvén & Didrikson. BDC generated a return of 8.8x money and an IRR of 103% from the sale. 

Company
Founded in 2008 and headquartered in Stockholm, Trustly provides online payment services for merchants and online marketplaces. The company's system provides instant pay-in and pay-out services based on bank transfers, without going through card networks.

The company offers its services to 6,000 banks, and supports 600 million consumers across Europe and North America. It employs 400 staff in Europe, the US and Latin America.

People
Nordic Capital – Fredrik Näslund (partner).
Trustly – Oscar Berglund (CEO).

Advisers
Vendor – Citigroup (financial due diligence).

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• Topics
• Expansion
• Nordics
• Financials
• Sweden
• Fintech
• Nordic Capital
• BlackRock
• Aberdeen Standard Investments