Trustly’s German expansion: open banking leader sees 140% transaction increase amid influx of new merchants

We're experiencing a significant increase in merchant interest in our products due to the withdrawal of key players from the market.

03 September 2024 – Cologne: Trustly, the global leader in open banking payments, has set its sights on strengthening its foothold in Germany. The company’s tactful move follows a significant surge in transactions using its technology. Trustly has recorded a sharp increase in new merchants and partners from the country in recent months. It intends to further develop this trend by evolving existing collaborations and entering into even more.

Trustly, pioneer of account-to-account payment technology, uses open banking to provide consumers and merchants with a suite of payment products and data solutions. The technology rivals more traditional methods, like cards, and makes online payments seamless, instant and secure. The company has been growing rapidly since its launch in 2008, currently partnering with 9,000 businesses across 33 markets – including Booking.com, Zalando, PayPal and others.

In Germany specifically, the volume of instant transfers processed by the company has grown by 140 per cent in the past two years. This demonstrates both the demand for and use of open banking has increased significantly and that acceptance of this solution is growing.

Johan Tjärnberg, Trustly’s Group CEO, announced: “The demand for instant payments continues to grow. We are also experiencing a significant increase in merchant interest in our products due to the withdrawal of key players from the market. This makes it the ideal time to significantly expand our presence in Germany.”

Trustly has been successful in developing its connections and partnerships across a broad range of industries in other markets across the world. The company’s positive results include a €52 million transaction value in 2023 and demonstrate a clear acceleration in the adoption of open banking across the world, revolutionalising the way people pay across a broad range of different verticals – including Financial Services, Ecommerce and Travel.

The company has also achieved important milestones in its partnerships with banks in Germany. Almost the entire German banking landscape – including Sparkasse, Commerzbank and Volksbank – is already connected to the Trustly infrastructure, opening new technology up to millions of consumers across the country.

Last year, to bolster investments in innovation and strategic acquisitions, Trustly carried out a capital injection of $156 million (€140.5M). To aid further transformation, the company made extensive investments in Europe solidifying its status as a global leader in open banking. Trustly has expanded its offerings by acquiring two key businesses in the UK and across continental Europe.