San Carlos, United States and Stockholm, Sweden, 25 October 2021 – Trustly, the leading global payments platform for digital account-to-account transactions, is proud to announce that it has surpassed $10 billion in processed payments in North America.
The company is seeing swift adoption of its Open Banking solutions in North America after being at the forefront of Open Banking in Europe for more than a decade. Now, more than 20 million consumers in North America use Trustly for payments and data services, with 10 million users added in the first 10 months of 2021 — a number that is expected to continue to grow following the company’s recent launch of its Instant Payouts product alongside Cross River Bank and building on The Clearing House’s Real-Time Payments new rail.
On the group level, Trustly’s revenues from the first half of the year were up 53% year over year on a constant currency basis. This was driven largely by a 537% year-over-year growth in North America, which now represents 26% of the group net revenue. The accelerated shift to online commerce and the state-by-state legalization of online sports betting are significant factors driving the region’s growth.
In order to support this rapid growth, the team in North America has more than tripled in size in the past 12 months, now employing over 200 people and continuing to expand quickly. Additionally strengthening the team, the company recently appointed Pete Ohser as President of North America. Ohser was previously President at Allpaid and, prior to that, Chief Revenue Officer at MoneyGram International, where he spent 17 years building and scaling a global remittance and payments business.
Pete Ohser, President of Trustly North America, says: “It’s a tremendously exciting time in North America for Open Banking and Trustly specifically. Our rapid growth is a testament to the appetite for our proprietary Open Banking solutions and we’re excited to keep delivering safe and user-friendly innovations that delight our merchants and their customers while also enabling new revenue streams for financial institutions.”
Founded in 2008, Trustly is a global leader in Online Banking Payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2020 we processed over $21 billion in transaction volume in our global network.
Trustly has more than 600 employees across Europe, North America and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.