Swedish fintech company Trustly has been acquired by Danish fund Nordic Capital. Neither party has officially disclosed any figures but the Financial Times reported that the value is around €700 million.

Nordic Capital has bought a majority stake in the fintech company from previous backer Bridgepoint Development Capital in the UK, which was the largest shareholder. Nordic Capital fended off interest from other firms that were interested in buying Trustly. One firm that was approached about the sale told Tech.eu that it was pitched the company for €60-70 million a year ago.

The Stockholm-based online banking service allows users to pay each other directly from their bank accounts without payment cards. It had previously raised €23 million in funding.

“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,” said Oscar Berglund, CEO of Trustly in a statement, adding that Nordic Capital will help the company grow across different verticals and expand its product offerings.

“Nordic Capital views Trustly as a highly strategic payment platform with unique capabilities,” commented Fredrik Näslund, partner at Nordic Capital.

“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.”

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