The Way We Pay is Changing: Trustly Achieves 79% Growth in 2023, Fueled by Open Banking Demand

Trustly, the global leader in open banking payments, announces a year of exceptional growth and enhanced market influence across sectors. In 2023, Trustly saw a significant surge in its transaction value, achieving a 79% increase to reach £44 billion, up from £25 billion in the previous year. Trustly’s growth was significant both in the U.S. and Europe. Moreover, the UK stood out as one of the group’s biggest growth markets during the past year.

Highlights of Trustly’s 2023 performance:

• A record 274 million transactions processed throughout the year, an increase of 30% YoY
• A 79% increase YoY in annual transaction value reaching £44 billion
• Expansion of services to over 9,000 merchants globally

In 2023, Trustly witnessed a substantial uplift in transaction volume and solidified its market-leading position in the U.S. Trustly’s account-to-account technology, designed to eliminate inefficiencies while boosting security and consumer experience, is setting new standards in the global payment landscape. This change marks a clear shift from traditional payment methods with millions of consumers moving towards open banking.

The successful launch of Trustly’s proprietary data engine, Azura, has significantly contributed to this achievement. By driving personalised payment experiences, Azura is redefining user convenience and security in digital transactions. It instantly recognises users across websites and devices, thereby reducing the time spent at the checkout. Shoppers are no longer having to manually enter their card details, and merchants are increasing conversion.

Johan Tjärnberg, Group CEO of Trustly, comments: 

“In a year of global economic challenges, Trustly’s exceptional growth highlights our commitment to open banking and our ability to lead in the digital payments landscape. Our expansion in Europe and the U.S. is a testament to this leadership. The launch of Azura has been a game-changer, introducing a new level of transactional personalisation and efficiency. I am immensely proud of Azura’s contribution to our growth since its debut in May, setting a new benchmark in the payment industry.”

In early 2023, Trustly finalised the acquisition of Ecospend, securing its position as the top Open Banking payments provider in the UK. Following the acquisition, Trustly has not only bolstered its established partnerships in the Public Sector but has also expanded its customer base to include prominent industry players such as Hargreaves Lansdown, HMRC, NS&I and MoneyGram.