London-based payments network TrueLayer is expanding its presence in Europe through an agreement to acquire Nordic competitor Zimpler.
Founded in 2012, the Swedish startup Zimpler has emerged as the fastest-growing pay-by-bank operator in the Nordics. TrueLayer, supported by payments giant Stripe, is one of Europe’s leading players in the pay-by-bank market. Its recent results for 2024, released in September, showed a 63% increase in revenue. However, TrueLayer reported a $55 million loss the previous year and laid off approximately 25% of its staff in November 2024 to improve profitability.
The acquisition of Zimpler will enhance TrueLayer’s user base to over 20 million and strengthen its position in key Nordic markets such as Sweden and Finland.
Francesco Simoneschi, CEO of TrueLayer, stated, “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, further solidifying Pay by Bank as a disruptive force in the payment landscape.”
TrueLayer has previously sought to enhance its presence in the Nordic market; in December 2023, it partnered with Nordic challenger bank Lunar to extend its services to Denmark, Sweden, and Norway.
Details regarding the financial aspects of the acquisition, which is subject to regulatory approval, have not been disclosed.