This content is not available in your region

Trustly posts higher sales, profit, as FSA decision looms

By Reuters

STOCKHOLM – Swedish payments firm Trustly, which is aiming for a stock market listing, reported a solid rise in second-quarter sales and profits on Wednesday.

Trustly in May delayed its plans for an initial public offering following comments by Sweden’s financial regulator about the company’s due diligence process.

It had earlier this year announced plans to list on the Nasdaq Stockholm exchange in a move that could have valued the firm at more than $10 billion.

Trustly said on Wednesday it had been informed that the financial watchdog would proceed to evaluate potential grounds for supervisory intervention, but had no information on the timeline for a decision.

“In any event, Trustly will be given an opportunity to submit additional comments before the SFSA concludes the matter and issues a final decision,” Trustly said in its quarterly report.

Trustly, which allows users to pay for purchases directly from their bank accounts, reported a 41% jump in net revenue to 680 million Swedish crowns ($78 million) in the second quarter, backed by strong growth in the United States.

Adjusted operating profit (EBITDA) at the firm, which was founded in 2008, rose 36% year-on-year to 303 million crowns.

($1 = 8.7230 Swedish crowns)