STOCKHOLM Reuters Swedish payments firm Trustly said on Monday it intends to list its shares on the Nasdaq Stockholm exchange.

In January, Reuters reported that Trustly39;s owner, buyout group Nordic Capital, was in the process of hiring more banks with a view to launching an IPO in late April or early May that could value the firm at up to 9 billion euros 10.70 billion.

We are going to raise 8 billion Swedish crowns primary proceeds that we will use to pay off existing debt facilities, and then we want to have a net cash positive balance sheet, Chief Executive Officer Oscar Berglund told Reuters.

The appeal of financial technology companies has increased during the COVID19 pandemic as more people shop online and make payments digitally to avoid physical contact.

Other European fintech firms such as Wise and Klarna are also planning for a stock market listing.

This is sort of a process that we have been working on for a year now to prepare the company and make it ready for the public markets, Chairman Johan Tjärnberg said.

Trustly had also assessed a listing in the United States and there might be a situation in the future where it will do a dual listing, Tjärnberg said.

Founded in 2008, Trustly counts PayPal, Wise and Facebook among its customers, Its platform allows users to pay for purchases directly through their bank accounts, bypassing the need for a debit card or a mobile wallet.

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