According to Trustly, it is used by 8,100 merchants, with a global reach of 525 million customers. It is primarily used in four industries: E-commerce, financial services, iGaming and travel.
PRODUCTS
Pay N Play - Pay N Play is currently offered through two different models, Pure and Hybrid. Pay N Play Pure is a complete registration and payment method that allows players to deposit straight away. If players leave the site, their funds will be made available to them once they can verify their identity. Withdrawals are immediate to the user's bank account and no additional information is required.
The Pay N Play Hybrid model works a little differently and is most often used alongside other existing payment methods. If players leave the site, they must log in using their username and password. If they want to make withdrawals, players must log into their bank using an embedded Trustly iFrame.
The world is changing faster than ever and we need payment methods that can keep up. At Trustly, we're building a global payments network that bypasses the card networks so people can pay directly from their bank account and feel safe while doing so - Oscar Berglund, CBO Trustly
HISTORY
Founded in 2008 as Glue Finance, the company received its first investments quite quickly and reported more than 200% revenue growth by 2010.
Alfvén & Didrikson, an investment group, bought 25% of the company in 2011, as the second generation of the payment platform was launched.
Trustly entered into strategic partnerships with Groupon and Paypal for the first time in 2014 and, a few months later, the company announced that it had reached 10 million transactions total.
At this time, Bridgepoint Capital, a risk capital firm, invested €23m ($24.6m) into the company to receive a minority stake.
By the end of 2015, Trustly was operating in 21 new regulated markets and 2016 saw the introduction of the Pay N Play system. According to Vasilije Lekovic, VP at Trustly, more than 200 brands were using the Pay N Play feature by 2022.
Nordic Capital, a private equity fund, bought 70% of the existing shares in 2018.
To let merchants accept online payments from both EU and US customers, Trustly merged with PayWithMyBank in 2019, a Silicon Valley-based online banking payments company.
Trustly reported that in 2020, the company had processed over SEK 19bn ($1.77bn) in transaction volume across the global network and connected around 2500 merchants and 1400 new banks, while broadening reach by more than 55 million consumers.
2021 saw two big announcements from the company. The first was that Trustly reported that it had surpassed the $10bn processed payments in the North American market alone. The second was that it intended to publicly list itself on Nasdaq, for a valuation of $9bn.
In 2023, Trustly closed the acquisition of Ecospend and launched Pay N Play for the UK market.
