Swedish FinTech Trustly plans $934 million IPO

Swedish payments firm Trustly is planning to raise $934 million in an initial public offering (IPO) on the Nasdaq Stockholm.

Trustly provides a payment method that allows customers to make purchases from their online bank account, without the use of a bank card or application.

The flotation is planned for late April or the beginning of May.

Trustly did not disclose the target valuation for the IPO, but sources told Bloomberg the firm is thought to be valued at $9 billion.

The FinTech, founded in 2008, boasts over 500 employees in offices across Sweden, Spain, Malta, Germany, and the UK and claims to process more than 4 million payments per month.

Trustly said its clients include PayPal, Alibaba, and Facebook.

The news comes after Klarna secured $1 billion of equity funding in March, valuing the fellow Swedish FinTech at $31 billion, as e-commerce booms amid the pandemic.

The firms’ largest shareholders are Blackrock and Northern Europe-focused private equity firm Nordic Capital, who purchased a 70 per cent stake in Trustly for around $700 million in 2018.

Trustly said that Carnegie Investment Bank, Goldman Sachs, and JPMorgan will act as joint global coordinators for the listing.

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