Swedish FinTech Trustly has acquired UK-based open banking provider Ecospend.

Ecospend is the open banking provider to the UK Government while Trustly is a global leader in open banking payments, serving 8,100 merchants and processing over $28m in transactions last year.

Trustly’s technology connects its clients with 525 million consumers and 6,300 banks in over 30 countries.

By leveraging Ecospend’s market-leading UK technology, the partnership will accelerate the move towards making open banking payments even more mainstream and its growth in the UK.

Johan Tjärnberg, Group CEO of Trustly, said: “I am delighted to welcome Ecospend to Trustly. This is a perfect strategic fit and I am convinced that it will enable us to deliver a market-leading product in the UK, allowing us to capture opportunities and accelerate our current UK expansion.”

Metin Erkman, founder of Ecospend: “Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers.

“We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family.”

The transaction is subject to customary regulatory approvals. Both Trustly AB and Ecospend Technologies have agreed not to disclose any financial details.

Ecospend was founded in 2017 and has clients in a range of industries, including HMRC. In the past year, Ecospend has processed over £5bn in A2A payments to over two million consumers.