Trustly Merges with PayWithMyBank to Enter US Online Market

Trustly Merges with PayWithMyBank to Enter US Online Market

Trustly, the Swedish online payment provider, has announced its plans to merge with US payment provider PayWithMyBank, marking Trustly’s entry into the American market.

This merger between Trustly and PayWithMyBank is aimed at meeting the needs of online merchants to expand payment methods beyond card networks and accept online payment directly from the bank accounts of consumers. This method is common in the online sports betting industry in Europe and is becoming increasingly prevalent in the burgeoning American sports betting market.

While European consumers have been making online banking transactions for a long time, this type of payment method has only surfaced in the U.S. recently as an option available to U.S. consumers.

Expanded Online Opportunity Across the Atlantic

Trustly offers international online payment services to consumers across 29 countries in Europe, providing cross-border deposit and withdrawal services with over 3,000 banks. As well as being a useful online payment method, Trustly is a preferred payment option for online betting and gaming in Europe.

PaywithMyBank establishes secure connections between online banking accounts and various online merchants. This Silicon Valley-based payment provider provides US consumers with simple online banking alternatives to making transactions with credit cards and checks.

As part of the merger between these companies, the resulting combination of payment providers creates a transatlantic payment network that includes more than 600 million consumers in Europe and the United States.

Trustly, PayWithMyBank CEOs Joining Forces

“This transformative merger creates the first and only online banking payments network with transatlantic coverage and accelerates our path towards global coverage,” Trustly CEO Oscar Berglund said in a company press release.

Following the merger, Berglund will take the lead of this newly formed group. PayWithMyBank’s CEO and founder, Alexandre Gonthier, will become the U.S. CEO and will be reporting to Berglund.

“Alex was a co-creator of the online banking payments model in the year 2000 and we are very much looking forward to working with him and the impressive team at PayWithMyBank. Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments,” Berglund said of the recent merger and his U.S. counterpart.

Gonthier noted that PayWithMyBank’s large base of U.S. customers “were asking us to expand our consumer coverage globally beyond the U.S.,” making the merger with Trustly a perfect match.

Regarding the overall merger, Gonthier also added that “joining forces with Trustly, the established leader in our space in Europe, was a natural strategic next step for PayWithMyBank, the emerging leader in the U.S.”

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