Trustly
Swedish financial technology company From Wikipedia, the free encyclopedia
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]
| |
| 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 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
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
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
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
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