Friday 22 January 2021 10:49 am

Swedish payments app Trustly plots IPO amid flurry of tech listings

Swedish payments firm Trustly is reportedly planning a public listing this year worth up to 9bn, amid a flurry of tech IPOs. 

Trustly’s private equity backer Nordic Capital is working with Goldman Sachs, JP Morgan and Carnegie on the IPO which is due in the second quarter, according to Reuters.

Read more: Transferwise picks banks ahead of blockbuster IPO

Nordic Capital bought a 70 per cent stake in Trustly for approximately 700m in 2018. 

Last summer the payments firm won the support of Blackrock, which led a fresh financing round that reportedly valued the firm at $2bn. 

Trustly, which is expected to list in Stockholm, allows consumers to pay directly through bank transfer, which reduces costs on fees and speeds up the transaction time. 

The firm has offices in Sweden, Spain, Malta, Germany and the UK and processes more than 4m payments per month. 

Fintech companies have become somewhat of a pandemic darling as online payments have soared amid lockdown restrictions. 

In the UK Transferwise is gearing up for a listing and recently tapped Goldman Sachs and Morgan Stanley as joint global coordinators, according to Sky News. 

The payments unicorn secured a staggering $5bn valuation following a secondary share sale last summer, and it boasts Sir Richard Branson among one of its largest shareholders. 

Transferwise reportedly held talks with the Prime Minister about its IPO ambitions before Christmas as the government gears up for an overhaul of the public listing rules.