TrueLayer to Acquire Zimpler and Champion Pay by Bank in Europe

TrueLayer, a leading European payment provider, announced that it has signed an agreement to acquire fellow payment provider Zimpler for an undisclosed sum. While the deal is still subject to regulatory approvals, the former company called it a “clear step forward” in its mission to drive innovation within the sector.

The Deal Will Cement TrueLayer as a Formidable Force in the Old Continent  

In its official announcement, TrueLayer said that the acquisition of Zimpler will bring together the Old Continent’s two “most innovative Pay by Bank providers.” As a result, the agreement will strengthen TrueLayer’s European presence.

In addition to benefiting the two businesses, the merger was described as a “pivotal moment” for Europe’s Pay by Bank space. TrueLayer said that leveraging Zimpler’s strong position in the Nordics will position it to drive further growth, in line with its mission to “build a powerful alternative to legacy payments” in Europe, driving innovation, fostering competition and creating customer value.

TrueLayer added that the Nordic region has some of the highest adoption rates of account-to-account (A2A) payments in the world, making it a crucial region for the company’s growth ambition. The acquisition of Zimpler will effectively allow TrueLayer to tap into its large userbase, bringing its total number of users to some 20 million people.

TrueLayer users can look forward to the company launching coverage across markets such as Sweden and Finland. In addition to that, the company announced that it plans to add additional A2A capabilities via the Swish payment rail integration.

TrueLayer said that the deal’s fate will be decided by the Swedish Financial Supervisory Authority, Finansinspektionen. The company promised to release an official update once the review of the transaction has been completed.

TrueLayer Wants to Accelerate the Adoption of Pay by Bank in Europe

TrueLayer’s co-founder and chief executive officer, Francesco Simoneschi, said that the deal goes beyond merely expanding the company’s presence in the Nordics – according to him, the true aim is to build talent, technology and scale to accelerate the adoption of Pay by Bank across the entirety of Europe.

We’re not just expanding our footprint in the Nordics – we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent, and further strengthening Pay by Bank as a force of disruption that is changing how the world pays.

Francesco Simoneschi, co-founder & CEO, TrueLayer

Simoneschi added that he is looking forward to welcoming Zimpler to the TrueLayer family, saying that his team has long admired the Nordics-oriented company’s progress.

Johan Strand, Zimpler’s CEO, was similarly pleased about the “fantastic opportunity” to join TrueLayer. He praised the company’s track record of innovation and expressed confidence that the two companies’ combined businesses will allow them to continue growing.

Strand explained: “Joining TrueLayer will enable us to reach new heights and drive the next wave of growth in the industry. At the same time, we remain firmly anchored in Sweden, with our local licence and expertise ensuring continuity for our customers.”