Sweden’s Trustly snaps up SlimPay to improve recurring payments

29 Aug 2023

Image: © Piscine26/Stock.adobe.com

French fintech SlimPay, reportedly acquired by Trustly for €70m, is set to expand in the recurring payments space in Europe.

Swedish payments firm Trustly has acquired French fintech SlimPay to “set a new standard” in recurring payments such as subscriptions or donations for users across Europe.

Founded in 2010, SlimPay is one of Europe’s best-known fintechs for recurring payments. It develops new technologies and offers digital payment services across the utility, financial services and retail sectors. It is an authorised payment institution under French supervision.

People with knowledge of the matter told Bloomberg that the deal was worth €70m, a figure that has not been confirmed by either Trustly or SlimPay.

Trustly is a payments technology fintech headquartered in Stockholm that competes with card companies and digital rivals such as PayPal. The company has been increasing its footprint in Europe, including the UK, and the latest deal will see it expand in the recurring payments space.

The hope is that the acquisition of SlimPay, when combined with Trustly’s proprietary technology, will offer businesses and consumers in Europe error-free payment registration as well as better conversion and flexibility.

According to data provided by Trustly, more than €10trn was collected in direct debits across Europe last year. 80pc of these transactions occurred in markets where Trustly and SlimPay have combined operations.

The acquisition of SlimPay comes shortly after Trustly launched Azura, a new technology and data engine that aims to improve the payments experience for merchants and consumers through personalisation and data optimisation.

“SlimPay’s SEPA solution for modern direct debit in combination with the optimised experience of Trustly Azura will together be able to revolutionise the recurring payment experience and create a new industry standard,” Johan Tjärnberg, group CEO of Trustly.

“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 CEO Jerome Traisnel added that, together the two companies will bring a “new, streamlined payment experience to the European recurring payments space to creating an unrivalled network of merchants and consumers across the entire repeat payment economy.”

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Vish Gain is a journalist with Silicon Republic