Trustly reports robust growth with US$58 billion in transactions

Trustly, a name in the open banking payments sector, has reported substantial growth in its annual report for 2023 as demand for its account-to-account technology surged. The company processed a total transaction value of US$58 billion during the year, reflecting a year-over-year increase of 79%.

This growth contributed to a 51% rise in operating profit, with an adjusted EBITDA reaching US$51 million, up from US$33 million in 2022. These figures underscore the company's success following the implementation of a transformative strategy in 2023, aimed at expanding its presence in continental Europe and venturing into the realm of recurring payments.

Trustly's revenues for the year touched US$265 million, with a particularly strong performance in the latter half of the year showing a 27% increase compared to the second half of 2022. The transaction volume also grew significantly, rising by 48% over this period.

To support ongoing innovation and strategic acquisitions, Trustly completed a capital injection of US$156 million in 2023. This investment catered to shifts in user behaviour, marked by an increase in transaction frequency and volume, highlighting a pivotal moment in market dynamics driven by consumer preference for open banking technology.

The company’s efforts in Europe proved fruitful, with markets displaying considerable improvement in the second half of the year. Trustly fortified its global leadership in open banking by acquiring two strategic businesses: Ecospend, which specialises in the UK, and SlimPay, which focuses on recurring payments across continental Europe. These acquisitions have expanded Trustly's verticals and enhanced its product capabilities.

These developments highlight a significant shift in payment performance and reinforce Trustly’s advantages in cost efficiency and fraud prevention, along with robust conversion rates achieved through their Azura platform. With a vast market potential and favourable conditions, Trustly is well-positioned to capitalise on these trends as it looks to further strengthen its presence in key markets.

Johan Tjörnberg, Group CEO of Trustly, expressed his optimism about the company's future. "We’re committed to redefining the way people pay – and we’re thrilled that our annual report clearly demonstrates our progress. Millions of people all over the world are now transacting with us, and our robust transaction numbers reinforce our leadership in pioneering open banking across Europe and the US. Change is on the horizon, and Trustly is at the forefront, ready to lead the charge," he stated.

Trustly, a private company, has Nordic Capital as its leading investor since 2018, and is also supported by other institutional investors including BlackRock and Neuberger Berman. The company continues to work in the open banking sector, linking top brands with millions of consumers for secure and convenient transfers, payments, and refunds. Trustly operates under the supervision of the Swedish Financial Supervisory Authority in the EU and EEA, and the Financial Conduct Authority in the UK, while in the US, it is state-regulated as required to serve its target markets.