One of Europe’s largest private equity firms Nordic Capital Fund IX will acquire a majority share in European online payments provider Trustly, with the deal rumoured to value Trustly at around €700 million.

Trustly’s largest shareholder Bridgepoint Development Capital will dispose of its full equity interest in Trustly but management, founders and investment company Alfvén & Didrikson will remain significant shareholders in the company.

Nordic Capital stated that it intends to support the current management team in their progress by providing capital and experience from its previous successful investment in payments.

Oscar Berglund, CEO of Trustly said: “The shift towards online banking based payment solutions is only in its infancy and we are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online.

“We are delighted to partner with Nordic Capital whose support will be of great value as we grow across merchant verticals, products and geographies. I also want to thank Bridgepoint Development Capital for their exceptional contribution over the last three years.”

Fredrik Näslund, partner and advisor to the Nordic Capital funds said: “Direct bank payments are the future of payments and Trustly is leading this transition. This investment is at the core of Nordic Capital’s payment investment strategy, and after having followed the company for many years, we have built a strong conviction in the business and we are impressed by what the founders and management have built over the last 10 years.

“Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities.”

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