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Clifford Chance

Clifford Chance
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Clifford Chance advises Trustly on its acquisition of recurring payment specialist SlimPay

30 August 2023

Clifford Chance advises Trustly on its acquisition of recurring payment specialist SlimPay

Clifford Chance advises Trustly, a global online payment method specialist, on its acquisition of SlimPay, a European leader in recurring payments, to set a new standard in recurring payments for merchants and consumers across Europe and the UK. SlimPay’s platform combined with Trustly’s proprietary technology will together bring a new, exceptional payment experience to the region.

Trustly’s acquisition of SlimPay will facilitate error free payment registration, better conversion and flexibility, enabling consumers to pay bills, subscribe to a service or opt for flexible payment plans. The product synergy will create an intuitive payment process for consumers leveraging the best of Trustly’s Account-to-Account (A2A) technology and SlimPay SEPA direct-debit capabilities.

In 2022, Direct Debits totaling over €10 trillion were collected across Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations. The combination will add to Trustly’s existing modern Direct Debit capability in the UK and Sweden and provide a comprehensive pan-European recurring payments service. Trustly and SlimPay will together improve the payments process for merchants and consumers in the Single Euro Payments Area (SEPA), including France, Germany, Italy and Spain.

The transaction is subject to customary regulatory approvals.

Clifford Chance advised Trustly with a team, co-led by the Corporate and Financial Regulations/FinTech practices, composed of Emmanuel Mimin, partner, Alexandre Merle, senior counsel, Marie-Charlotte Alvard and Clément Barnetche, associates, on corporate aspects; Frédérick Lacroix, partner, Pierre d'Ormesson, senior associate, and Laura Chambeaud on regulatory aspects; Rémy Lefebvre, senior associate, on tax aspects; Cécile Zoro, counsel, and Ibrahim Cheikh Hussein, associate, on employment aspects; Grégory Sroussi, counsel, and Blanche Barbier, associate, on GDPR aspects; as well as Quentin Hervé, associate, on financing aspects.