Trustly to Process $100 Billion Annually, Leading the Pay by Bank Surge

Trustly, the global leader in Open Banking Payments, is on track towards processing $100 billion in Total Payments Value (TPV) in 2024, underscoring a substantial shift in the payments industry as merchants worldwide continue to explore card alternatives. To date, over 112 million consumers have used Trustly’s products globally, showcasing the appeal of Pay by Bank options at checkout.

Trustly, Inc., the Americas division of Trustly AB, is projected to process record TPV amounts in 2024, representing a 33% year-over-year growth. Bringing its TPV to date to $92.5 billion. Additionally, Trustly, Inc. has enabled billers and telcos to process over $400 billion in bill payments since its launch.

In North America, much of this success can be attributed to the intelligence of Trustly, Inc.’s risk engine, which allows guaranteed payments at scale against non-sufficient funds, fraud, and other non-payment risks such as chargebacks. In the past year, Trustly, Inc.’s guaranteed payments have grown by 50% in volume.

Trustly, Inc.’s success in 2024 is supported by a number of recent strategic collaborations, including BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, and Light and Wonder. The Open Banking Payments leader also expanded its partnership with Cross River Bank earlier this year to include FedNow in addition to the Real-Time Payments (RTP) network, where Trustly, Inc. has processed over $17 billion in TPV to date.

Alexandre Gonthier, Founder & CEO of Trustly, Inc. said: “Trustly’s remarkable growth is further proof that Open Banking Payments are a viable alternative to cards. I’m beyond proud of our exceptional team and leadership for all of their hard work and dedication. As Trustly, Inc. grows, we will remain committed to enhancing the user experience and driving consumer adoption as we continue to strengthen our position as a payments industry game-changer.”

Gonthier also reiterated Trustly’s commitment to information security, further validated by an October 1, 2024, patent award for its innovative Split-Token technology. The invention enables Trustly to establish a secure connection to a user’s bank account without storing the user’s bank username and password. For Trustly’s merchant and biller customers – and the North American banking system – this unique security attribute ensures information security instead of contributing to the systemic risk that other Open Banking vendors create when storing users’ bank usernames and passwords.

In addition to its North American achievements, Trustly is seeing continued success in Europe, including new launches with Lenovo and Foodora, as well as a continued partnership with ACE Money Transfer – which has reached a 40% growth in remittances since the collaboration began in 2021. Trustly’s UK subsidiary Ecospend also retained its partnership with HM Revenue and Customs (HMRC), and continues to work with the UK Government on the single biggest use case by volume for Open Banking Payments in the market, with £30 billion in tax payments processed since launch.

Building on its success across key regions, Trustly is accelerating its expansion in Germany, further strengthening its Pan-European footprint. With a robust presence in all major EU markets, Trustly is set to continue its strategic growth across Europe, with additional countries slated for expansion before the close of 2024.

Johan Tjärnberg, Group CEO of Trustly added: "Our success in North America is phenomenal – all thanks to the outstanding work by Alex and his team. Merchant adoption of Open Banking Payments has surged in recent years. Our expanding partnerships with major brands – following the rapid adoption of our game-changing recognition technology Trustly Azura, where three out of four customers are opting in – highlight our strong position. The modern account-to-account space is set to reach $10 trillion by 2028. And we’re proud our innovative payment solutions are leading the way.”

These global developments have helped earn Trustly a series of prestigious awards and recognitions, including a spot on CNBC’s list of top 250 fintech companies in the world in 2024. The company has recently strengthened its management team, expanded its offering across new verticals, and invested in several industry-leading C-suite executives as it enters a new growth chapter in 2025.

About Trustly

Trustly was launched in 2008 and has grown rapidly over the past 16 years to become a global leader in Open Banking Payment solutions. With a mission to make online payments as seamless as possible, Trustly offers an innovative payment platform, bridging the gap between consumers and merchants. Its technology ensures that transactions are processed in real-time, providing both speed and security for all parties involved.

Trustly's dedication to revolutionizing the payments industry is reflected in its collaborations with major brands such as PayPal, eBay, and Hargreaves Lansdown in Europe and FanDuel, T-Mobile, and Coinbase in North America. To date, Trustly has transformed the performance and experience of payments for over 9,000 merchants in 30+ markets, connecting them to 650+ million consumers through 12,000 banks.

Trustly is a licensed Payment Institution under the second payment services directive (PSD2). It operates under the supervision of the Swedish Financial Supervisory Authority in the EU, EEA and the Financial Conduct Authority in the UK. In the US, Trustly is state-regulated as required to serve its target markets.

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