Trustly Reports Strong 2024 Financial Results, Driven by European and North American Growth

Trustly, a global leader in Pay by Bank solutions, today announced its financial results for the year ended 31 December 2024, highlighting a strong growth trajectory across verticals in Europe and North America.

Trustly processed a total payment value (TPV) of $87 billion in 2024, marking a 54% increase year-on-year. Net revenue grew by 32% to $239 million, while adjusted EBITDA rose by 50% to reach $73.2 million.

In North America, Trustly’s success was supported by collaborations with BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, and Light and Wonder. The company also expanded its partnership with Cross River Bank to include FedNow alongside the Real-Time Payments (RTP) network. To date, Trustly has processed over $17 billion through RTP. The company’s North American growth was driven by its advanced risk engine, which guarantees payments at scale and mitigates non-sufficient funds, fraud, and chargeback risks.

In Europe, the company’s momentum has been driven by rising transaction volumes, continued innovation, and a growing merchant base across all verticals. Notable new clients announced in 2024 included Lenovo, foodora, and ITV.

A significant development in 2024 was the expansion of Trustly’s recurring payments offering. In June, the company launched its AI-powered recurring payments solution, enabling merchants to accept repeat transactions directly from customers’ bank accounts via a single integration. This innovation addresses common issues such as involuntary churn and payment failures, empowering businesses to retain more revenue.

Additionally, Trustly enhanced adoption of Azura, its proprietary data engine. Azura triangulates billions of data points from merchants, users, and banks to enable seamless cross-device and cross-site consumer recognition. This network effect allows opted-in consumers to be recognised across all Trustly-enabled platforms. Results from 2024 show consumers are spending a significant amount more at checkout when using Azura, and significantly improved shopping conversion rates in several key markets.

European success was further supported by strategic wins in the public sector. Trustly’s Ecospend business retained its contract with His Majesty’s Revenue and Customs (HMRC), the UK’s most significant open banking mandate. In January 2025 alone, Trustly processed 1.3 million HMRC payments, totalling £4.7 billion – a 32% increase from the previous year.

Johan Tjärnberg, Group CEO of Trustly, said: “2024 was a defining year for Trustly, marked by strong financial performance and meaningful progress across our key markets. I’m proud of our team’s disciplined execution and focus on delivering value to merchants and consumers. The increase in the total value of payments processed by Trustly and the rise in net revenue reflect the growing demand for customer-centric Pay by Bank solutions. The jump in adjusted EBITDA demonstrates the strength of our business model and operational scalability.

“2024 also saw the launch of our AI-powered recurring payments solution. By eliminating friction in repeat transactions, we’ve enabled merchants to better serve their customers and capture more revenue. Similarly, our proprietary data engine, Azura, is driving higher engagement and conversion – proof of our innovation’s tangible impact.

“Strategic partnerships have been critical for Trustly. In Europe, our ongoing collaboration with HMRC strengthens our public sector leadership. In North America, expanded engagements with financial institutions and gaming providers highlight the strength and adaptability of our risk engine.”

Trustly’s 2024 growth results mark a pivotal year, positioning it as a key player in both the European and North American digital payments ecosystem. Trustly remains a privately held company, backed by Nordic Capital since 2018, alongside BlackRock, Alfvén & Didrikson, and Neuberger Berman.