BlackRock-Backed Swedish Fintech Startup Keeps IPO Plans At Bay Despite 51% Jump In Profit: Here's Why
Portfolio Pulse from Benzinga Neuro
Trustly, a Swedish fintech firm backed by BlackRock Inc. (NYSE:BLK), reported a 51% increase in operating profit for 2023 but plans to delay its IPO for at least two years. The company saw significant growth in its U.S. operations and transaction volumes, but CEO Johan Tjarnberg emphasized the need to further demonstrate the value of its open banking technology to investors.
May 30, 2024 | 11:12 am
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BlackRock-backed Trustly reported a 51% increase in operating profit for 2023 but will delay its IPO for at least two years. The delay is due to the need to further demonstrate the value of its open banking technology.
Trustly's significant profit increase and growth in U.S. operations are positive indicators for BlackRock's investment. However, the delay in IPO may temper immediate market reactions. Overall, the news is likely to have a positive short-term impact on BlackRock's stock due to the strong performance of its investment.
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