Trustly reports record quarter with accelerated growth

Trustly News

Categories: News |
Published by: TOC


Trustly News

Trustly, the leading global payments platform for digital account-to-account transactions and no-account casinos, today announces the following key financials for the first quarter of 2021: 

January – March 2021 (Q1 2020)

Net revenue was SEK 632 (432) million, +46% Y/YOn a constant-currency basis, net revenue increased by 52% Y/Y Adjusted EBITDA was SEK 275 (210) million, +31% Y/YOn a constant-currency basis, adjusted EBITDA increased by 35% Y/Y Adjusted EBITDA margin was 43.5 (48.7)%Transaction volume amounted to SEK 66 billion, +49% Y/YRevenue from North America increased by 609% Y/Y, representing 26% of group net revenueInvestments amounted to 3 (4)% of net revenue 

Oscar Berglund, CEO of Trustly, comments:

”The first quarter was record strong with accelerated growth and good profitability for Trustly. Net revenue increased by 52 percent year on year in constant currency. We continued to grow with both existing and new merchants and we processed a total of SEK 66 billion in transaction volume throughout our global network, up 49 percent from the same quarter of last year. On a regional basis, revenue growth in constant currency was 18 percent in EMEA and 716 percent in North America, meaning that North America accounted for 26 percent of our total net revenue in the quarter. We continue to see a lot of interest in Trustly’s payment platform for a variety of use cases, and especially among global E-commerce merchants.”

Johan Tjärnberg, Chairman of Trustly, comments:

“Trustly delivered a new record performance in the first quarter with accelerated growth. The Board of Directors and the owners remain convinced that a listing would be beneficial for Trustly and our ambition to list the company remains. However, we have a responsibility to all stakeholders to bring clarity and resolve any outstanding questions from the SFSA’s preliminary assessment. Therefore, the Board of Directors has decided not to pursue the plan for a listing in the second quarter. There is today no time plan set for when the IPO will be completed.

Our focus remains on building the leading account-to-account payments network worldwide. We will now engage in a constructive dialogue with the SFSA while continuing to drive profitable growth for Trustly going forward.”

Relevant news

Trustly partners with GoFundMe to enhance verification of fundraiser beneficiaries

Trustly partners with GoFundMe to enhance verification of fundraiser beneficiaries

Trustly, the global leader in Online Banking Payments and No-account casino payment provider, is proud…

read more +

Trustly receives preliminary assessment from the SFSA

Trustly receives the preliminary assessment from the SFSA

Trustly’s Sweden-based subsidiary Trustly Group AB is a licensed payment institution, supervised by the Swedish…

read more +

Author: Dave Marshall