Trustly

Swedish licence details verified against the FI register (as at 13/11/2026) and Swedish sanction from the FI decision. Details regarding Spanish sanction, ownership & directors taken from the 5/10/2026 Trustly Holding AB prospectus. Licences elsewhere taken from relevant disclosures within the company’s reporting or press/industry coverage.

Trustly provides instant payments between online businesses and their end-users’ banks. Customers simply select their bank, enter their credentials and authorise the transaction - without involvement from any card schemes. Other services include making payouts to customers, direct-debit style payments and checking if a user has an active account with their bank. Trustly claims to service 9,000+ business clients in 30+ countries and geographies, including e-commerce and leisure companies, as well as HMRC (UK Government tax authority).

It has significant roots in gambling - having developed the Pay N Play solution for online casinos back in 2015. Customers can make a deposit and play instantly after only authenticating with their online bank. FI reported in 2022 that Trustly derived over 50% of GMV from gambling. Total GMV of $100bn was achieved in 2025, during which Trustly’s revenue decreased by 16.8% to SEK 2,427.7m and its net loss widened to SEK 534.3m.

Trustly Group AB, established by Carl Wilson, Joel Jakobsson & Lukas Gratte, is incorporated in Sweden since 2 April 2008 (formerly ‘Glue Finance’). Its holding company is Trustly Holding AB (publ) (which issued a EUR 375m bond in October 2025), and its top-level owner is Trustly AB (publ).

Oscar Berglund was succeeded by ex-Bambora CEO Johan Tjärnberg on 17 Jan 2022. Board chair is currently Morten Hübbe (ex-Tryg CEO) since June 2023, following Fredrik Näslund (January 2022-June 2023). Ex-Deliveroo CFO Adam Miller took on the role of CFO for the group in Oct 2024 and will step down at year-end 2026.

Trustly Group AB holds a Payment Institution license from FI (45002). The firm is marked ‘active’, and has licenses to conduct payment transactions, payment transfers, PIS and AIS (since 13 Jul 2018), passported into the EU/EEA.

Trustly UK Ltd and Ecospend Technologies Ltd hold Payment Institution licenses from the FCA (1005703 and 829713 respectively) and SlimPay SA is registered with the ACPR (France).

In the USA, Trustly Inc. holds various money transmitter licenses (NMLS: 2463855) in 43 jurisdictions as of Aug 2026 (notably absent from CA, NY and NV). Whilst Trustly itself does not provide a casino or betting product, it will require individual license approvals in US states where it wishes to support sports betting operators. This includes North Carolina, where Trustly Inc. is registered as a Sports Wagering Full Supplier under licence number NCS-0027.

Trustly (founded as Glue Finance) was invested in by Alfvén & Didrikson (25%) in 2011, followed by further minority investments by Bridgepoint (2014, €23m) and majority investment by Nordic Capital (March 2018). Trustly purchased Entercash (Malta) during 2018. Trustly acquired/merged with PayWithMyBank (US) in June 2019, and its US division has since taken the Trustly brand name. Other recent acquisitions include Ecospend (UK, completed January 2023) and SlimPay (France, completed 11th January 2024).

In Feb 2022, Trustly Group AB was warned and fined SEK130m by Finansinspektionen. Following an investigation opened in October 2020, it found that Trustly’s payers were classed as “end users” rather than Trustly “customers”, meaning that CDD/risk assessments and transaction monitoring were not applied. Trustly was directed to remediate this by 30 November 2022. The finding was judged serious enough by FI for them to consider withdrawing Trustly’s licence, ultimately issuing a warning and fine instead.

Trustly’s prospectus relating to a bond dated 8 October 2025 discloses that Trustly has incurred another fine of EUR932,000 (2025) from Spain’s Sepblac and that Spanish and German courts have frozen some Trustly group company bank accounts. It is understood that shareholder, Nordic Capital, is considering divestment of / listing Trustly in 2026. Trustly announced ~200 redundancies and a capital raise in the past couple of months.