Private equity group Nordic Capital is now the owner of a majority stake in Swedish online payments provider Trustly.

Nordict Capital has recently purchased a majority stake of Trustly reportedly at around EUR700 million.

The move of Nordic Capital is very significant for the company since Trustly offers cross-border payments to and from consumer bank accounts at over 3000 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services.

At the moment, the firm, founded in 2008 has 190 staffers at its headquarters in Stockholm and offices in Spain, Malta, Germany and the UK.

With the latest deal, Trustly’s largest shareholder Bridgepoint Development Capital will dispose of its full equity interest, but management, founders and investment company Alfvén & Didrikson will remain “significant” shareholders.

Sources said before acquiring Trustly, Nordic Capital saw off competition from, among others, General Atlantic.

Oscar Berglund, CEO, Trustly, said their latest move is their way of innovating the online banking system and make such system easier, safer and quicker for both consumers and merchants to make payments online.