North American market key as Trustly continues exponential growth


Trustly has highlighted significant North American engagement as being key to its growth in its yearly results for 2020. 

For the year, the group’s overall transaction volume increased by 46 per cent with it expanding its reach and portfolio of partners, connecting around 2,500 merchants and 1,400 new banks. 

Growth for the group will likely be accelerated in the year ahead, as the shift to cashless continues with global economies looking to resume retail transactions and embracing new consumer habits, both in the European and North American markets. 

Looking ahead to the role Trustly will play in shaping the global payments space, Oscar Berglund, the group’s CEO, stated: “Our future growth will come from existing and new merchants, and we continuously expand our network. 

“I look forward to the rest of a very active 2021 as we continue to enable the shift to cardless societies – making account-to-account payments the new global payments standard.”

As the importance of a smooth consumer journey has heightened throughout the year, Trustly placed a key focus on efficiency and speed with its Pay N Play offering. 

Rounding up the group’s performance, Berglund added: “I’m pleased to report that Trustly achieved another record quarter with revenues increasing 44 per cent year over year on a constant currency basis to SEK 564 million and adjusted EBITDA rising 36 per cent to SEK 240 million.

“In 2020, we processed over SEK 190 billion in transaction volume in our global network, up 42 per cent from the previous year. Demand for Trustly’s payment solutions continues to grow, supported by the broad shift from offline to online commerce and consumer preferences moving in favour of account-to-account payments.

“I also want to highlight the strong development in North America in the fourth quarter, with revenues growing by 278 per cent year over year. In the past year, we have noted a strong increase in interest for Trustly’s payment solutions among global ecommerce merchants.”

The firm also outlined how the COVID-19 pandemic has impacted growth and their focus, stating: “At Trustly, our focus remains on ensuring the safety of our employees and striving to protect the health and well-being of the communities in which we operate. 

“We offer the necessary tools for our employees to help them do their best while working remotely, and we provide technology to our merchants to help them sustain and develop their businesses during COVID-19 and in the future. Trustly’s financial performance has not been negatively affected by COVID-19.”