Trustly 2023 annual report reveals a 51% increase in operating profit image credit shutterstock

Total transaction value processed by Trustly during 2023 rises by 79% y-o-y to $58bn. This drives a 51% increase in operating profit with an adjusted EBITDA of $51m up from $33m in 2022.

Trustly says that its success follows the implementation of a transformative strategy in 2023. This is designed to conquer the continental European market and expand into recurring payments. With reported revenues reaching $265m, this growth accelerated notably in the second half of the year, increasing by 27% compared to H2 2022. Furthermore, the transaction volume saw a substantial increase, growing by 48% over the same period.

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In 2023, to bolster investments in innovation and strategic acquisitions, Trustly carried out a capital injection of $156m. This catered for a notable change in user behaviour, characterised by an increase in transaction frequency and volume. Trustly says it underscores an inflection point in market dynamics driven by a strong consumer preference for open banking technology.

Extensive investments and two acquisitions

To aid further transformation, the company made extensive investments in Europe where markets have shown considerable improvement during the second half of the year. It has expanded its offerings by acquiring two key businesses. These acquisitions added new verticals and enhanced product capabilities. Ecospend specialises in the UK and SlimPay in recurring payments across continental Europe.

Johan Tjärnberg, Group CEO of Trustly, said: “We’re committed to redefining the way people pay. We’re thrilled that our annual report clearly demonstrates our progress. Millions of people all over the world are now transacting with us. 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.”

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