Trustly reports continued strong growth and record profits in 2020

Stockholm, Sweden, 16 March 2021 — Trustly, the leading global payments platform for digital account-to-account transactions, today announced the following results for the quarter and full year ended December 31, 2020.

October – December 2020

• Net revenue was SEK 564 million, up 44% Y/Y in constant currency
• Processed transaction volume was SEK 55.9 billion, up 46% Y/Y
• Adjusted EBITDA increased by 36% to SEK 240 million
• Adjusted EBITDA margin was 43%

January – December 2020

• Net revenue was SEK 1,974 million, up 42% Y/Y in constant currency
• Processed transaction volume was SEK 190.1 billion, up 43% Y/Y
• Adjusted EBITDA increased by 31% to SEK 907 million
• Adjusted EBITDA margin was 46%

Oscar Berglund, CEO of Trustly, comments:

”I’m pleased to report that Trustly achieved another record quarter with revenues increasing 44% year over year on a constant currency basis to SEK 564 million and adjusted EBITDA rising 36% to SEK 240 million. In 2020, we processed over SEK 190 billion in transaction volume in our global network, up 42 percent from the previous year. Demand for Trustly’s payment solutions continues to grow, supported by the broad shift from offline to online commerce and consumer preferences moving in favor of account-to-account payments.

I also want to highlight the strong development in North America in the fourth quarter, with revenues growing by 278 percent year over year. In the past year, we have noted a strong increase in interest for Trustly’s payment solutions among global eCommerce merchants.

Our future growth will come from existing and new merchants, and we continuously expand our network. In the past year alone, we connected around 2,500 merchants and 1,400 new banks, while broadening our reach by more than 55 million consumers. I look forward to the rest of a very active 2021 as we continue to enable the shift to cardless societies – making account-to-account payments the new global payments standard.”

A year-end 2020 summary report has been attached to this press release.

For more information please contact:
Investor Relations: Roland Glasfors, +46 760 024 863, ir@trustly.com
Media: Meredith Popolo, +46 70 961 1583, press@trustly.com

About Trustly
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 500 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.