A2A paytech Trustly buys open banking platform Ecospend

Swedish account-to-account (A2A) payments platform Trustly has acquired UK-based open banking payments company Ecospend for an undisclosed sum.

Trustly acquires Ecospend for undisclosed sum

Trustly is aiming to boost its footprint in the UK market, which it says “presents a dynamic ecosystem, with rapidly accelerating consumer adoption, and strong transaction volume growth”.

Trustly group CEO Johan Tjärnberg says the deal will enable his firm “to capture opportunities and accelerate our current UK expansion”.

Thanks to PSD2 making open banking a regulatory requirement in the UK, Trustly says the UK is one of its “core growth markets”.

Founded in 2017, Ecospend serves clients across a range of industries, including the public sector, where the company has a key contract with HMRC.

In the past year alone, the firm has processed more than £5 billion in A2A payments to more than two million consumers.