Finance Breaking news Trustly shelves IPO over regulator review last financial news
Breaking-Finance.Com - Trustly has shelved plans to raise €785 million in an IPO after regulators raised issues over the Swedish payment firm's due diligence procedures.
Breaking-Finance.Com - Trustly has shelved plans to raise €785 million in an IPO after regulators raised issues over the Swedish payment firm's due diligence procedures. Trustly had been planning to list this quarter in a move that would have valued the company at €9 billion. However, a preliminary assessment by the Swedish Financial Supervisory Authority (SFSA) has raised questions about how the firm screens its customers.Reporting quarterly results, chairman Johan Tjärnberg says that the board and owners "remain convinced that a listing would be beneficial"."However," he continues, "we have a responsibility to all stakeholders to bring clarity and resolve any outstanding questions from the SFSA’s preliminary assessment.
. There is today no timeplan set for when the IPO will be completed."Founded in 2008, Trustly processes more than four million payments per month. The firm's revenues were around €130 million in 2019 and are on course to hit €200 million for 2020.Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly €700 million and merged it with US-based PayWithMyBank in 2019.The firm's most recent financing round, led by BlackRock in June, commanded a price tag of about €2 billion.
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