What Is Trustly?
Trustly Group is a Swedish digital payment platform company founded in 2008. Trustly is a payment method that allows customers to shop and pay from their bank account. Trustly provides its service through PayPal and TransferWise. It’s also an instant payment method for the newest Pay N Play Casinos.
To make a purchase, the customer is required to pass their banking credentials to Trustly, who performs the transaction on their behalf. Trustly accepts most credit and fraud risks, and the online store or consumer is guaranteed to get the payment.
In 2015, the company’s payment services were offered by more than 800 online stores in Europe, and payments of more than EUR 1.7 billion annually were processed. In 2019, Trustly reached more than 1 billion consumers through integration with 6000+ banks in 29 European countries. Trustly generated revenue in 2015 totaling EUR 20 million, up 85% from 2014, and, as of 2019, has 450 employees, most of whom work at the head office in Stockholm, with local offices also in Spain, Germany, Brazil, United States, United Kingdom, Finland, and Malta.
Trustly Group Details
- Founded: 2008
- Headquarters: Stockholm
- Country of origin: Sweden
- Founders: Carl Wilson, Joel Jakobsson, Lukas Gratte
- Industry: Financial services
- Revenue: 90 million EUR (2018)
- Employees: 300+ (2019)
- Website: trustly.net
The company was established in 2008 in Stockholm, Sweden, and signed contracts that same year with the first Internet retailers. A first investment round was completed in 2009, and the development of a second-generation technical platform was launched. The company underwent a geographical expansion in 2010 after which its revenues grew by more than 200%. The first office outside of Sweden was opened in Malta and over one million sales were processed the same year. The second-generation platform was launched in 2011, and 25% of the company was sold to the investment group Alfvén & Didrikson.
The company started a strategic partnership with Groupon in 2014 as well as PayPal and the Payout Express product was introduced. The 10 million transactions mark was reached and the risk capital firm Bridgepoint Capital (BDC) invested €23 million to gain a minority stake.
The Swedish FinTech company ranked #242 on the publication’s first ‘FT 1000: Europe’s Fastest-Growing Companies’ list in 2017 based on its 3-year growth in revenue and staff.
In March 2018, the private equity fund Nordic Capital bought a majority stake, some 70 percent of the existing shares, in Trustly. Ahead of the deal the company reportedly got valued at roughly €700 million.
In June 2019, Trustly merged with Silicon Valley-based online banking payments leader PayWithMyBank. The merger enables merchants to accept online banking payments from European and US consumers.
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