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Bridgepoint in the News

04 November 2014

Bridgepoint Development Capital Invests in European online payments services provider Trustly

Bridgepoint Development Capital (“BDC”) has reached an agreement to invest approximately EUR 23 million (USD 30 million) for a minority stake in Trustly Group AB (“Trustly” or the “Company”) to support the continued growth of the business. Trustly, a Stockholm-based online payments services provider (“PSP”), currently processes payments of EUR 1.1bn (USD 1.3bn) per annum, implying year-on-year growth in excess of 100%.

Trustly's proprietary and scalable PSP technology platform can integrate any payment method and currently offers instant pay-ins and pay-outs, based on online banking epayments. The platform's real-time processing, bookkeeping and account reconciliation functionalities mean that payments can be made quickly, conveniently and safely - a key requirement for merchants, consumers and banks.

Trustly's payment methods were created for mobile devices and offer cross-border payment functionality. They are therefore particularly well-suited for international e-commerce on mobile and tablet devices and the Company is expanding into new European markets with the aim of making cross-border European payments as seamless, safe and convenient as domestic payments.

Trustly's instant pay-ins and pay-outs are used by leading merchants across a variety of segments, such as Peer-to-Peer Marketplaces (Blocket, part of Schibsted), Sharing Economy (Tripwell), Travel (Logitravel), Electronics (Samsung), Daily Deals (Groupon), Financial Services (Western Union), Gaming (bwin.party) and e-Wallets (PayPal).

"Based on our unique technology platform and understanding of consumer and merchant needs, we have attracted a broad merchant base and exceptional talent to Trustly. We are currently established in seven European countries and look forward to continue our European expansion to enable consumers and merchants to engage in cross-border ecommerce, and to further strengthen our team. We are delighted to partner with Bridgepoint, who will provide valuable support and financial resources as we continue to grow and innovate." said Carl Wilsson, CEO of Trustly.

"The European online payments market is expected to grow from EUR 37bn to c. EUR 65bn by 2020 and benefits from underlying structural growth, as e-commerce and purchases of digital goods take an increasing share of total trade. We are impressed by Trustly and the team. They have established a unique and disruptive European payment solution for convenient and safe online banking e-payments for B2B, B2C and P2P transactions" said Johan Dahlfors, partner at Bridgepoint Development Capital.

"They have shown strong growth on the back of an attractive technology platform and a scalable business model. The business is therefore well positioned in a growing market for online payment solutions. We look forward to working with the ambitious team to build out its European presence further" he continued.

The transaction is subject to approval by the Swedish Financial Supervisory Authority.

Advisers involved in this transaction were: for Bridgepoint - AT Kearney (commercial), PSE (commercial), EY (financial, tax, pension and IT), and Cederquist (legal); for the Vendor: Baumgarten Byström Rooth Tallavaara (legal).

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