Trustly's 2023 Annual Report, Strong Growth and Strategic Moves in Open Banking Payments!

Trustly, a prominent player in open banking payments has unveiled its annual report for 2023, showcasing impressive growth and strategic initiatives that have propelled its market position.

In 2023, Trustly witnessed a substantial surge in revenue, with reported revenues reaching $265 million (SEK 2,682 million). This growth was accelerated in the second half of the year, marking a 27% growth compared to the previous year. The company also experienced a significant uptick in transaction volume, rising by an impressive 48% over the same period.

Strong Financial Performance

Trustly saw a remarkable surge in transaction value, reaching $58 billion (SEK 595 billion), and a staggering 79% increase year over year. This resulted in a 51% boost in operating profit, with an adjusted EBITDA of $51 million (SEK 515 million), demonstrating the company's strong financial position.

’’ The year's success follows the implementation of a transformative strategy in 2023, designed to conquer the continental European market and expand into recurring payments.’’

During 2023, Trustly allocated $156 million (SEK 1,581 million) for strategic investments, driving innovation and acquisitions. This move responded to evolving user behaviors, marked by heightened transaction frequency and volume. Particularly noteworthy were the acquisitions of Ecospend, targeting the UK market, and SlimPay, specializing in continental Europe's recurring payments. These acquisitions expanded Trustly's portfolio and bolstered its product capabilities, positioning the company for continued expansion.

Trustly's success in 2023 can be attributed to its competitive advantages, including cost efficiency, robust fraud prevention measures, and high conversion rates achieved through its Azura platform. These factors have positioned Trustly as a preferred payment solution provider, particularly in the rapidly evolving landscape of open banking payments.

Investor Confidence and Future Prospects

As a private company, Trustly has garnered significant investor confidence, with leading investors such as Nordic Capital, BlackRock, and Neuberger Berman supporting its growth trajectory. Looking ahead, the company is well-positioned to capitalize on market opportunities and strengthen its presence in key markets. The company's strategic moves in 2023 underscore its commitment to innovation, market leadership, and delivering value to its stakeholders.

Trustly's annual report for 2023 highlights a year of remarkable growth, strategic investments, and market expansion. With strong financial performance, strategic acquisitions, and a focus on innovation, Trustly has solidified its position as a global leader in open banking payments. As the company continues to navigate the evolving landscape of digital payments, its commitment to excellence and customer-centric approach will undoubtedly drive further success in the years to come.

Johan Tjärnberg, Group CEO of Trustly , states: "We're committed to redefining the way people pay - and we're thrilled that our annual report clearly demonstrates our progress. Millions of people all over the world are now transacting with us, and our robust transaction numbers reinforce our leadership in pioneering open banking across Europe and the US. Change is on the horizon, and Trustly is at the forefront, ready to lead the charge."

Source:

''Trustly Announces Robust 2023 Growth: H2 Surge in Open Banking Demand and Innovations Drive Record Financial Performance'', trustly.com, May 30, 2024.