Trustly

History and Evolution

Trustly was founded in 2008 in Stockholm, Sweden, by Carl Wilson, Joel Jakobsson, and Lukas Gratte as "Glue Finance." It signed its first merchant contracts that year and processed over one million transactions by 2010, opening its first international office in Malta. A second-generation platform launched in 2011. Strategic investments followed: Alfvén & Didrikson acquired a 25% stake, and Bridgepoint Capital invested €23 million in 2014. Key partnerships with Groupon and PayPal also occurred in 2014. In 2016, Trustly launched Pay N Play for the gambling sector, enabling instant deposits and withdrawals without registration—by 2022, over 200 brands adopted it. The 2019 merger with Silicon Valley’s PayWithMyBank gave Trustly a direct U.S. presence. Acquisitions of Ecospend (2022) and SlimPay (2023) expanded open banking capabilities and recurring payment solutions.

Business Model and How They Make Money

Trustly generates revenue primarily through transaction fees charged to merchants for each Pay by Bank payment processed. The company offers instant settlement, built-in reconciliation, and FX support, with average transaction time of 20 seconds and 98.8% conversion. Additional revenue comes from data analytics services via Trustly Azura (risk management and personalization) and from subscription-based recurring payment solutions (SlimPay). The risk engine and identity verification (Trustly ID) also provide value-added services.

Products and Platforms

Trustly’s core product is Trustly Payment, a Pay by Bank solution for merchants offering instant bank account payments. Trustly Azura is a data engine that recognizes returning customers across devices, reducing order time by 37% and increasing conversion by 10 percentage points. Trustly ID, launched in 2025, enables biometric authentication in under 10 seconds. Pay N Play is tailored for gambling, allowing instant deposits and withdrawals without registration. Through acquisitions, Trustly offers SlimPay (European recurring payments) and Ecospend (UK open banking). The company also provides a Trustly Risk Engine for fraud detection and Trustly Insights for consumer spending analytics.

Market Position and Competitors

Trustly is one of the largest direct payment networks globally, connecting over 12,000 banks in 30+ countries and serving 9,000+ merchants. It competes with other open banking payment providers such as TrueLayer, Yapily, and Tink. Its scale and proprietary technology stack (500+ transactions per second) give it a strong position in the Pay by Bank segment, particularly in Europe and North America. The company’s acquisitions have strengthened its foothold in the UK and recurring payments, while its data engine differentiates it from pure payment processors.

Licensing and Regulatory Footprint

Trustly is a licensed payment institution supervised by the Swedish Financial Supervisory Authority (EU/EEA) and the Financial Conduct Authority (UK). In the United States, it is regulated at the state level. The company has faced regulatory challenges: in 2018, the Finnish Financial Supervisory Authority ruled screen-scraping illegal, and in February 2022, the Swedish Financial Supervisory Authority fined Trustly SEK 130 million for serious anti-money laundering deficiencies. Trustly has since strengthened its compliance framework, including appointing Sara Berg as Chief Legal & Regulatory Officer in 2021.

Financials and Growth

In 2023, Trustly reported revenues of $265 million (2.68 billion SEK), up 14% from the prior year. The total payment value processed increased by 54% year-over-year in 2024, according to company reporting. Trustly has raised approximately $1.7 billion in funding, including a $1 billion venture round in 2020, and has achieved unicorn status with a valuation over $1 billion. The company employs around 1,000 people globally.

Leadership Transitions

Oscar Berglund served as Group CEO until 2022, then became Chief Business Officer. Johan Tjärnberg, formerly Chairman of the Board, was appointed Group CEO in 2022. Adam Miller became Group CFO, replacing Mats Backman. In the Americas, Alexandre Gonthier, founder of PayWithMyBank, returned as CEO of Trustly, Inc. in October 2022. The current Group Management Team also includes Sara Berg (CLRO), Jonas Palmquist (CSO), Karim Ahmad (CTPO), and John McLane (COO as of 2021, current status unconfirmed).