The UK is one of the leading countries in electronic bank transfers from one bank to another. Trustly saw the opportunity to increase its connectivity and also saw how Ecospend has strong payment initiation services and data services. Ecospend was affordable and had good security protocols, such as state-of-the-art identification services. Ecospend’s bank connection proved vital to their acquisition, and Trustly found the perfect fit with its collection capabilities and its international reach.
The two combine to form a robust challenger to other payment systems. The acquisition is seen as a great move for the companies because both entities were well-positioned to deliver to the UK market. The next step would be to reach out to other European markets and make a significant impact. Reaching out to the European market would be game-changing for Trustly, and the move would open doors for more top-class professionals to join the new outfit and propel them into a formidable force in the banking system.
Why Trustly chose to acquire Ecospend
Ecospend’s FCA status made it the perfect target for acquisition because putting the consumers first means a lot to Trustly. The Financial Conduct Authority keeps companies in check by ensuring they protect consumers ensuring they have a secure environment to engage in banking. They also ensure to stabilise the industry by promoting competition between financial service providers.
Ecospend’s close relationship with the treasury was a key marker in ensuring the merger went through without a hitch. Having Ecospend within its ranks improves Trustly’s image in both the consumer’s and government’s view.
The UK market represents a huge opportunity for growth, and the acquisition will pave the way for better things to come in the industry. The acquisition offers a new dynamic for consumers and businesses in embracing open banking systems to increase their yields and secure their finances.
Trustly and Ecospend will form a formidable bond and ensure everyone gets a fair chance at realizing their financial goals. Businesses will thrive because they have found a solution to affordable banking and a chance to connect with consumers and build stronger relationships with the populace.