Trustly's 2024 Financial Results: A Strong Surge in Pay by Bank Solutions

Table of Contents

1. Key Highlights:
2. Introduction
3. Trustly’s Financial Performance in 2024
4. Growth in North America: Strategic Partnerships and Innovations
5. Momentum in Europe: Innovation and Market Expansion
6. The Azura Data Engine: Driving Consumer Engagement
7. Strategic Wins in the Public Sector
8. Leadership Insights: Johan Tjärnberg on Trustly's Vision
9. Future Outlook: Trustly’s Path Ahead
10. FAQ

Key Highlights:

• Trustly processed a total payment value of $87 billion in 2024, reflecting a remarkable 54% growth year-on-year.
• The company's net revenue reached $239 million, up 32%, with adjusted EBITDA soaring by 50% to $73.2 million.
• Notable partnerships and innovations, including an AI-powered recurring payments solution and the expansion of its risk engine, propelled Trustly's growth in both North America and Europe.

Introduction

In the dynamic landscape of digital payments, Trustly has emerged as a formidable force, particularly in the Pay by Bank sector. As the company reported its financial outcomes for the year ending December 31, 2024, it became evident that Trustly's growth trajectory is not just a fleeting phenomenon but a solidified trend backed by strategic initiatives and innovative solutions. The financial results underscore Trustly's expanding footprint, particularly in North America and Europe, where the demand for customer-centric payment solutions continues to rise. With a total payment value of $87 billion processed in 2024 and significant revenue growth, Trustly's performance is a clear indicator of its pivotal role in the evolving payments ecosystem.

Trustly’s Financial Performance in 2024

Trustly's financial results for 2024 highlight a year of remarkable growth across multiple metrics. The company achieved a total payment value (TPV) of $87 billion, which marks a staggering 54% increase compared to the previous year. This impressive figure reflects the growing consumer acceptance and reliance on bank-centric payment methods.

The net revenue for Trustly reached $239 million, representing a 32% year-on-year growth. This increase in revenue is not merely a reflection of higher transaction volumes; it also points to the effectiveness of Trustly's business model, which has been fine-tuned to meet the demands of a diverse clientele. Adjusted EBITDA saw a significant rise of 50%, reaching $73.2 million, further indicating the operational efficiency and scalability of Trustly's model.

Growth in North America: Strategic Partnerships and Innovations

Trustly’s expansion in North America has been bolstered by strategic partnerships with key players in various industries. Collaborations with BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, and Light and Wonder have played a crucial role in enhancing Trustly's market presence. One of the notable developments was the expansion of its partnership with Cross River Bank, which now includes FedNow alongside the Real-Time Payments (RTP) network. This is significant; Trustly has already processed over $17 billion through the RTP network, showcasing the effectiveness of its risk engine.

The company's advanced risk engine is a cornerstone of its North American strategy. This technology not only guarantees payments at scale but also mitigates risks associated with non-sufficient funds, fraud, and chargebacks. By providing a secure and reliable payment method, Trustly has gained the trust of consumers and merchants alike, paving the way for further growth.

Momentum in Europe: Innovation and Market Expansion

Trustly's success in Europe can be attributed to a combination of increasing transaction volumes, continuous innovation, and an expanding merchant base across various sectors. The company has successfully attracted notable clients such as Lenovo, foodora, and ITV in 2024, which signifies its appeal across different industries.

A significant milestone for Trustly this year was the launch of its AI-powered recurring payments solution. This innovation allows merchants to accept repeat transactions directly from customers' bank accounts through a single integration. By addressing common issues such as involuntary churn and payment failures, Trustly empowers businesses to retain more revenue and enhance customer satisfaction.

The Azura Data Engine: Driving Consumer Engagement

A key component of Trustly's innovation strategy is the enhancement of its proprietary data engine, Azura. This advanced system triangulates billions of data points from merchants, users, and banks, facilitating seamless consumer recognition across multiple devices and platforms. This capability has proven to be a game changer, as consumers using Azura have demonstrated significantly higher spending at checkout and improved shopping conversion rates across various key markets.

The network effect generated by Azura is particularly important in today’s competitive digital landscape, where customer experience can significantly influence purchasing decisions. By optimizing the payment process and providing personalized experiences, Trustly is ensuring that its clients can effectively compete in an increasingly crowded marketplace.

Strategic Wins in the Public Sector

Trustly's growth in 2024 was further reinforced by strategic successes in the public sector. The Ecospend business retained its contract with His Majesty’s Revenue and Customs (HMRC) in the UK, which represents the largest open banking mandate in the country. In January 2025 alone, Trustly processed 1.3 million payments for HMRC, amounting to £4.7 billion—a substantial 32% increase from the previous year.

This achievement highlights Trustly's capability to handle large-scale transactions while maintaining compliance with regulatory standards. The partnership with HMRC not only underscores Trustly’s leadership in the public sector but also enhances its reputation as a reliable payment solution provider.

Leadership Insights: Johan Tjärnberg on Trustly's Vision

Johan Tjärnberg, Group CEO of Trustly, reflected on the company's achievements in 2024, emphasizing the disciplined execution and focus on delivering value to both merchants and consumers. He stated, “2024 was a defining year for Trustly, marked by strong financial performance and meaningful progress across our key markets.” This statement captures the essence of Trustly's approach—prioritizing customer needs while driving innovation.

The introduction of the AI-powered recurring payments solution and the success of the Azura data engine are testaments to Trustly’s commitment to addressing market challenges and enhancing user experiences. Tjärnberg noted that these innovations have allowed merchants to capture more revenue and improve engagement, further solidifying Trustly's position in the digital payments landscape.

Future Outlook: Trustly’s Path Ahead

Looking ahead, Trustly is well-positioned to continue its growth trajectory in both North American and European markets. The increasing demand for customer-centric Pay by Bank solutions suggests a promising future, as more consumers and businesses recognize the benefits of these payment methods.

Trustly's focus on innovation will likely remain a driving force in its strategy. The ongoing enhancement of its data engine and the development of new solutions aimed at improving customer experience will be critical for maintaining competitive advantage.

Moreover, as the digital payments ecosystem continues to evolve, Trustly's adaptability and willingness to forge strategic partnerships will be essential for navigating future challenges. The backing of prominent investors, including Nordic Capital, BlackRock, Alfvén & Didrikson, and Neuberger Berman, provides Trustly with the financial stability to pursue its ambitious growth plans.

FAQ

What is Trustly?
Trustly is a global leader in Pay by Bank solutions, enabling consumers to make online payments directly from their bank accounts.

How much payment value did Trustly process in 2024?
Trustly processed a total payment value of $87 billion in 2024, marking a 54% increase from the previous year.

What innovations has Trustly introduced recently?
In 2024, Trustly launched an AI-powered recurring payments solution and enhanced its proprietary data engine, Azura, to improve consumer recognition and engagement.

What role does Trustly play in the public sector?
Trustly retained its contract with HMRC in the UK, processing over £4.7 billion in payments in January 2025 alone, showcasing its leadership in public sector payment solutions.

What is the future outlook for Trustly?
Trustly is expected to continue its growth trajectory by focusing on innovation, expanding strategic partnerships, and adapting to the evolving digital payments landscape.