Trustly
More info
- Released
- Owner
- Nordic Capital
- Type
- Account-to-account payments
- Website
- trustly.com
The Stockholm company that lets customers pay straight from their bank account instead of by card.
Trustly was founded in 2008, well before "open banking" was a legal term. The customer logs in to their own bank through Trustly, approves the transfer, and the merchant gets confirmation immediately. No card data changes hands, there is no chargeback process and the fee is lower than card acquiring. That last point is why merchants like it; the one before it is why some customers don't.
The breakthrough came in online gambling. "Pay N Play" combined deposit and BankID identification in a single step, so opening an account at an online casino no longer required signing up. Nordic Capital bought a majority stake in 2018, and the following year Trustly merged with the American PayWithMyBank to take the model to the US.