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Bridgepoint in the News

14 March 2018

BDC sells Trustly to Nordic Capital

STOCKHOLM, 14 March 2018 – The European online payments provider Trustly announced today that it will be acquired by Nordic Capital Fund IX (“Nordic Capital”). Nordic Capital will support Trustly in its ambition to become the leading global online banking payments provider.

Trustly's largest shareholder Bridgepoint Development Capital will dispose of its full equity interest in Trustly but management, founders and investment company Alfvén & Didrikson will remain significant shareholders in the company.

Nordic Capital is one of Europe's largest private equity investors and has a pre-eminent payments practice. Its track record in the sector includes the transformation of payment platform Bambora into a global payment market leader and the successful investment in Point, a payment terminal and software company.

Oscar Berglund, CEO of Trustly said: "The shift towards online banking based payment solutions is only in its infancy and we are looking forward to continuing to innovate and execute so as to make it easier, safer and quicker for both consumers and merchants to make payments online. We are delighted to partner with Nordic Capital whose support will be of great value as we grow across merchant verticals, products and geographies. I also want to thank Bridgepoint Development Capital for their exceptional contribution over the last three years."

Fredrik Näslund, Partner, Advisor to the Nordic Capital funds said: "Direct bank payments are the future of payments and Trustly is leading this transition. This investment is at the core of Nordic Capital's payment investment strategy, and after having followed the company for many years, we have built a strong conviction in the business and we are impressed by what the founders and management have built over the last 10 years. Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities. We intend to support the management team and founders in the journey to becoming the global account-to-account infrastructure player by providing capital and experience from our previous successful investments in payments."

Johan Dahlfors, Partner at Bridgepoint Development Capital said: "It has been an honour to work with such a talented and motivated team to develop the leading European online banking e-payments player. The progress achieved by the team during our ownership has been outstanding, where Trustly has expanded its footprint across Europe, invested in the business infrastructure and team as well as in its proprietary technology platform. We are convinced that Trustly is very well placed to continue its strong growth trajectory in a structurally growing market with long-term tailwinds for real-time, account-to-account payments."

Citi acted as exclusive financial adviser to the shareholders of Trustly. Trustly's relationship with Citi also encompasses transaction banking where Citi is one of Trustly's core banking partners.

Tony McLaughlin, Managing Director, Global Payments at Citi said: "Trustly are in the vanguard of changing the world of payments. We are excited to be their banking partner and support their international expansion."

The transaction is subject to customary regulatory approvals and approval by the Swedish Financial Supervisory Authority. The parties have agreed to not disclose any financial details.

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