Monday 12 April 2021 7:39 am

Swedish payments firm Trustly plans to go public imminently

Swedish payments firm Trustly plans to launch an IPO in late April or early May that could value the business at €9bn.

Trustly’s owner, buyout group Nordic Capital, is working with Goldman Sachs, JP Morgan and Carnegie on the IPO, Reuters reported in January.

Read more: Swedish payments app Trustly plots IPO amid flurry of tech listings

Trustly’s revenues were around €130m in 2019 and will be around €200m for 2020 on a “double digit” core earnings (EBITDA) margin, a source said.

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. 

Read more: Screenshot: Will London ever be ready for tech IPOs?

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.