From CNBC: 2024-05-30 03:59:51

Trustly CEO Johan Tjarnberg says IPO is 1-2 years away despite 51% jump in operating profit. Revenue was $265 million in 2023, with 27% growth in the second half and transaction volumes spiking 48%. U.S. business drove growth as 22% volume growth in Q1 from utilities, retail, and travel.

Trustly increased operating profit by 51% in 2023 as EBITDA climbed to $51 million. Overall transaction value processed was $58 billion, and Trustly helps companies accept payments via open banking tech, cutting fees tied to credit cards like Visa and Mastercard. Open banking trend gaining momentum worldwide.

Future plans for Trustly include launching recurring payment feature for merchants and targeting growth in mobile space, particularly in the U.S. More than 9,000 merchants use Trustly, majority-owned by Nordic Capital with backing from Alfven & Didrikson, BlackRock, Aberdeen Standard Investments, Neuberger Berman.

Read more: Trustly posts 51% profit jump; CEO says IPO at least 2 years out