Trustly has shelved plans to raise €785 million in an IPO after regulators raised issues over the Swedish payment firm’s due diligence procedures.
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.
“Therefore, the Board of Directors has decided not to pursue the plan for a listing in the second quarter. 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 ha acquistato una partecipazione del 70% nella società nel 2018 per una valutazione di circa 700 milioni di euro e l’ha fusa con PayWithMyBank con sede negli Stati Uniti nel 2019.
L’ultimo round di finanziamento dell’azienda, condotto da BlackRock a giugno, ha richiesto un prezzo di circa 2 miliardi di euro.
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Source: https://www.finextra.com/newsarticle/37976/trustly-shelves-ipo-over-regulator-review?utm_medium=rssfinextra&utm_source=finextrafeed
