Swedish open banking payments provider Trustly has acquired British peer Ecospend for an undisclosed sum.

The deal awaits regulatory clearance.

Ecospend is a Financial Conduct Authority-(FCA)regulated payments firm, focusing on account-to-account (A2A) services.

The company’s A2A platform and full bank connectivity is said to ramp up Trustly’s UK expansion.

Established in 2017, Ecospend serves private sector customers including ITV, Toolstation, Anglian Water and London Mutual Credit Union.  

It also has a contract with the tax authority of the UK government, HMRC.

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Trustly called Ecospend’s “UK Payment Initiation and Account Information Services (PIS & AIS)” and connectivity with more than 80 banks in the UK a “strong fit”.

Trustly Group CEO Johan Tjärnberg said: “I am delighted to welcome Ecospend to Trustly. This is a perfect strategic fit and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”

Last year, Ecospend processed more than £5bn in A2A payments to over two million consumers.

Ecospend founder Metin Erkman said: “Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers.”

Trustly serves 8,100 merchants and links them to 525 million consumers and 6,300 banks across more than 30 countries through its digital A2A platform.

Last year, the company processed more than $28bn worth of transactions in its global network.