Payment provider Trustly experienced “robust growth” and saw a “significant increase in demand” for its account-to-account technology in 2023.
The company published its annual report, which revealed that it processed $58 billion of payments in 2023, up 79% year-over-year, and generated an adjusted EBITDA profit of $51 million, up from $33 million in 2022.
Trustly cited a particularly strong second half of the year as a key driver of the positive results, with reporting revenues reaching $265 million in H2 2023, up 27% compared to the same period in 2022. Transaction volume also grew 48% in the second half of the year.
“We’re committed to redefining the way people pay – and we’re thrilled that our annual report clearly demonstrates our progress,” said Trustly Group CEO Johan Tjärnberg. “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.”
Investment and acquisitions key to success
According to the report, Trustlty carried out a capital injection of $156 million in a bid to “bolster investments in innovation and strategic acquisitions”. It says that the funding led to an increase in transaction frequency and volume.
Last year, Trustly acquired two companies which allowed it to expand its offerings. It took over Ecospend which specializes in the U.K. market and also SlimPay which deals with recurring payments across Europe.
Following its strong performance in 2023, Trustly says that it is ideally positioned to capitalize on the potential of the market and the currently favorable conditions as it looks to strengthen its presence in key markets.
Trustly and Light & Wonder bring cashless payments to the casino floor
Earlier in the year, Trustly teamed up with Light & Wonder to bring cashless, in-person payments to the casino floor.
Trustly’s technology facilitates cashless, instant funding for Light & Wonder’s RAPIDPLAY product which allows players to deposit funds to slot meters directly from their bank account. Customers are able to use their online banking login details and personal devices without the need for payment card, player card, sign-up, or app download.
“Trustly is the leader in Online Banking Payments with a proven track record in online sports betting and we’re proud to work with them to power our cashless solution on casino floors,” said Light & Wonder President of Global Systems and Services Jon Wolfe at the time of the announcement. “Cashless is the future of in-person gaming, and we’re proud to pioneer the solutions that continue to drive innovation.”
