Nordic Capital considers future of Trustly: Sale or IPO?

The private equity firm Nordic Capital is considering strategic options for its investment in the Swedish fintech company Trustly Group AB. Independently informed sources report that both a sale and an initial public offering (IPO) are being discussed. In preliminary talks concerning the possible sale of the company, insiders have suggested a valuation of approximately 10 billion dollars. Should Nordic Capital opt for an IPO, there is a preference for a listing on the U.S. stock exchange. The considerations are still in the early stages, and it is unlikely that a transaction will occur before next year. A final decision to retain Trustly as an investment is also not ruled out. Representatives from Nordic Capital and Trustly have so far made no comments. Trustly, based in Stockholm, operates a global open banking payments network that connects 8,300 merchants with 650 million consumers and 12,000 banks across more than 33 countries. The company processes transactions worth over 42 billion dollars annually. Nordic Capital acquired Trustly from Bridgepoint in 2018. Two years later, BlackRock, Neuberger Berman, and the Investment Corporation of Dubai were brought on board as minority shareholders. In 2021, Trustly planned to raise nearly one billion dollars through an IPO in Stockholm and was also considering a secondary listing in New York.