Trustly
 | |
| Type of business | Private |
|---|---|
| Founded | 2008 |
| Headquarters | |
| Country of origin | Sweden |
| Founder(s) | Carl Wilson, Joel Jakobsson, Lukas Gratte |
| Chairman | Morten Hübbe |
| CEO | Johan Tjärnberg |
| Industry | Financial services |
| Revenue | 2.68 billion SEK ($265 million) (2023) |
| Employees | 1000 (2023) |
| URL | trustly |
| Current status | Active |
Trustly AB (publ), known as Trustly, is a Swedish fintech company founded in 2008 that specializes in open banking payment solutions. Trustly enables customers to conduct transactions directly from their bank accounts, offering an alternative to traditional card-based payment systems. The company claims its network supports 12,000 banks and connects with 650 million consumers globally.[1][2]
Trustly serves a variety of industries and is used by over 9,000 companies globally, including notable clients such as PayPal, DraftKings, and eBay.[3] In 2020, Trustly expanded operations to Australia and Canada, complementing its presence in Europe and the United States.[4]
In 2023, Trustly reported revenues of $265 million, a 14% increase from 2022, and processed $58 billion in transactions, reflecting the broader growth of open banking solutions.[5]
History
[edit]The company was originally named Glue Finance and was founded in 2008 in Stockholm, Sweden.[6] Trustly signed contracts with its first online retailers the same year. By 2010, the company opened its first international office in Malta and processed over one million transactions. Trustly introduced a second-generation platform in 2011, followed by a strategic investment from Alfvén & Didrikson, which acquired a 25% stake.[7]
In 2014, Trustly formed partnerships with Groupon and PayPal while securing a €23 million investment from Bridgepoint Capital.[8]
In 2016, Trustly launched "Pay N Play," a payment solution designed to streamline online transactions in the gambling sector. By 2022, over 200 brands supported the solution.[9][10]
In 2019, Trustly merged with Silicon Valley–based PayWithMyBank, enabling global merchants to accept online banking payments across Europe and the U.S.[11]
Trustly has continued to expand its services through acquisitions, including Ecospend in 2022 and SlimPay in 2023.[12]
Security
[edit]Trustly is a licensed payment institution authorized and supervised by the Swedish Financial Supervisory Authority in the EU and EEA, and by the Financial Conduct Authority in the UK.[13] In the U.S., Trustly complies with state-specific regulations.[14]
Trustly employs two-factor authentication to enhance security during transactions.
Criticism
[edit]In 2013, a competing bank accused Trustly of accessing more customer data than necessary, including information about mutual funds and shareholdings, which allegedly compromised banking confidentiality.[15] Similar concerns emerged in 2016 in Poland when PayPal adopted Trustly’s services, with critics claiming this practice violated PayPal’s own policies.[16]
In 2018, the Finnish Financial Supervisory Authority ruled that Trustly’s screen-scraping practices were illegal.[17] Trustly has maintained that its practices are governed by clear agreements and regulatory oversight.[15]
References
[edit]- ^ "Trustly: «La tarjeta de crédito no tiene sentido para pagar online»". www.webcitation.org. Archived from the original on 1 November 2015. Retrieved 2 February 2016.
- ^ "Trustly vill att vi betalar direkt från bankkontot". www.webcitation.org. Archived from the original on 1 November 2015. Retrieved 2 February 2016.
- ^ "Swedish fintech Trustly expands footprint into Australia and Canada". 27 August 2020.
- ^ "Trustly till börsen under andra kvartalet – vill ta in 8 miljarder kronor". Realtid (in Swedish). 12 April 2021. Retrieved 27 June 2022.
- ^ Browne, Ryan (30 May 2024). "BlackRock-backed fintech Trustly says IPO still at least one year out even as profits jump 51%". CNBC. Retrieved 30 May 2024.
- ^ "Glue Finance home". Archived from the original on 23 November 2012.
- ^ "Trustly Group AB | Alfvén & Didrikson". www.alfvendidrikson.com. Retrieved 2 February 2016.
- ^ Erlandsson, Adam (4 November 2014). "Trustly tar in 200 miljoner". Svenska Dagbladet. Retrieved 2 February 2016.
- ^ "iGaming and Innovative Payment Solutions Gambling Statistics". 22 September 2022.
- ^ "TRC Speaks to Trustly's Vasilije Lekovic on Company Successes, Current Partnerships, and Innovations Set for Launch". 12 August 2022.
- ^ "Trustly merges with Silicon Valley-based PayWithMyBank to deliver transatlantic online banking payments coverage". Retrieved 27 June 2022.
- ^ Gain, Vish (29 August 2023). "Sweden's Trustly snaps up SlimPay to improve recurring payments". Retrieved 29 August 2023.
- ^ "NewRegister". Retrieved 30 May 2024.
- ^ "About us - the Trustly journey". Trustly.
- ^ a b "Storbankerna tar strid mot Blockets betaltjänst - DN.SE". Dagens Nyheter. 17 May 2013.
- ^ "Paypal oszalał i chce od Was danych logowania do banku". 26 April 2016.
- ^ "HSL valitsi lainvastaisen tekniikan? Kauan odotettu matkakorttien latauspalvelu viivästyy taas". 6 February 2018.