Swedish payments firm Trustly has acquired the French recurring payments platform SlimPay as it continues its Europe-wide expansion.

The deal was worth €70 million ($75.7 million), people with knowledge of the matter said, asking not to be named as the figure isn’t public. Trustly, which competes with card companies and digital rivals like PayPal Holdings Inc., plans to use the deal to expand into repeating payments such as subscriptions or donations.

The buyout was part of a strategy “to enable open banking to consumers across Europe,” Johan Tjärnberg, chief executive officer of Trustly, said in an interview. The rollout will begin in SlimPay’s existing markets in Germany, France, Spain and Italy.

Trustly paused plans to go public in 2021, and a share sale is “not on the table” for the time being, according Tjärnberg. He said the Nordic Capital-backed firm, which has annual revenue of about €250 million, had taken money from its existing investors to support the SlimPay deal.

The Stockholm-headquartered firm is partnered with 8,300 merchants in 30 markets and has around 1,000 employees in Europe and the US.

By- Aisha S Gani (Bloomberg)