Trustly, the Swedish fintech company has acquired Ecospend, a UK-based Open Banking Payments platform Ecospend. The acquisition will enable Trustly to enter the UK market and expand its product offering. This is thanks to the Ecospends full bank connectivity in the UK, where Trustly has been planning to expand for the last couple of years.
It seems like the expansion is finally becoming reality, and UK players will be able to enjoy Trustly casinos. The Ecospend acquisition will make it possible to accelerate Trustly's journey to becoming a global dominator in online casino payments.
Ecospend is a UK-based Open Banking Payments platform that was founded in 2017. Over the past years, Ecospend processed over £5bn transactions from bluechip clients such as Toolstation or ITV.
They operate under the supervision of the UK FCA and just last year (2021) won one of the largest ever open banking contracts with HMRC.
Ecospend has been gaining plenty of traction in the Public sector, lending and Digital banking recently and will be adding iGaming to its biggest serving industries in the very near future.
All these aspects make it a perfect fit for Trustly.
Will Ecospend Casinos become a thing in the UK?
We believe that Ecospend casinos will arise very soon in the UK, thanks to the open banking solution and all the possibilities that come with it. Then again, open banking casinos are already a thing worldwide.
This might be the first step for Trustly to launch a pay n play casino model in the UK, which would be a complete game-changer in this massive and regulated online casino market.
First Ecospend Casino – Already in Play?
Apparently, MrQ already teamed up with Ecospend back in April and is expected to handle up to 20% of MRQ's transactions annually. This is expected to save MrQ a lot of money in network fees and speed up their players' withdrawals.
Ultimately, What Can UK Casino Players Expect From This?
If Trustly and Ecospend play their cards right, this acquisition might as well change and improve the whole UK online casino market. There will be no more manual KYC's, no need to share personal data with the online casinos and the fastest possible casino payments will be possible in the UK.
- Instant deposits and withdrawals for UK players
- Instant KYC checks
- More accurate bank data
- The online casinos will no longer store player data