Trustly lauds North American progress following ‘outstanding’ second quarter

Trustly has lauded significant growth in North America, as it confirmed positive results during the second quarter of the year. 

Overall, the firm reported a rise in net revenue by 41% to SEK 680 million compared to the same period last year, a spike that was replicated by transaction volume. 

Oscar Berglund, CEO of Trustly, commented: ”We continued to execute on our growth strategy and delivered strong growth and profitability in the second quarter of 2021. North America was the main driver, with revenues increasing by 481% year over year on the back of significant growth in both processed payment volumes and data transactions.

“In the second quarter, we went live with a number of new merchants, including Zalando, Europe’s leading online retail platform for fashion and lifestyle, and GoFundMe, a leading global online platform for fundraising.

“Further, we recently strengthened our management team by appointing John McLane, previously head of Trustly’s North American business, to Chief Operating Officer for the Group. 

“Looking ahead, I am excited about the vast opportunities for Trustly as we continue to redefine online payments and enable the shift to cardless societies — making account-to-account payments a new global payments standard.”

Trustly’s growth in the region comes as it continues to embrace mobile wagering, as well as cashless retail betting with operators seeking to emerge from the pandemic in the most efficient and safe way possible. 

The firm also mapped out that it has not yet received guidance on when the Swedish Financial Supervisory Authority (SFSA), is going to proceed to evaluate whether or not there are grounds for supervisory intervention. 

It follows Trustly being subject to a supervisory investigation since October of last year. The group did reveal that it has submitted its views on the preliminary assessment.