Trustly reports record growth in first half of year -- revenues up 53% driven by outstanding performance in the US

Stockholm, Sweden, July 21, 2021 — Trustly, the leading global payments platform for digital account-to-account transactions, today announces the following key financials for the second quarter and first half year of 2021: 

April – June 2021 (Q2 2020)

• Net revenue was SEK 680 (482) million, +41% Y/Y
• On a constant-currency basis, net revenue increased by 49% Y/Y 
• Adjusted EBITDA was SEK 303 (224) million, +36% Y/Y
• On a constant-currency basis, adjusted EBITDA increased by 43% Y/Y 
• Adjusted EBITDA margin was 44.6 (46.4)%
• Transaction volume amounted to SEK 69 billion, +61% Y/Y
• Revenue from North America increased by 481% Y/Y, representing 26% of group net revenue
• Investments amounted to 2 (4)% of net revenue 

January – June 2021 (H1 2020)

• Net revenue was SEK 1,312 (915) million, +43% Y/Y
• On a constant-currency basis, net revenue increased by 53% Y/Y 
• Adjusted EBITDA was SEK 579 (434) million, +33% Y/Y
• On a constant-currency basis, adjusted EBITDA increased by 41% Y/Y 
• Adjusted EBITDA margin was 44.1 (47.5)%
• Transaction volume amounted to SEK 135 billion, +55% Y/Y
• Revenue from North America increased by 537% Y/Y, representing 26% of group net revenue
• Investments amounted to 3 (4)% of net revenue

Oscar Berglund, CEO of Trustly, comments:

”We continued to execute on our growth strategy and delivered strong growth and profitability in the second quarter of 2021. North America was the main driver, with revenues increasing by 481 percent year over year on the back of significant growth in both processed payment volumes and data transactions.

In the second quarter, we went live with a number of new merchants, including Zalando, Europe’s leading online retail platform for fashion and lifestyle, and GoFundMe, a leading global online platform for fundraising.

Further, we recently strengthened our management team by appointing John McLane, previously head of Trustly’s North American business, to Chief Operating Officer for the Group. 

Looking ahead, I am excited about the vast opportunities for Trustly as we continue to redefine online payments and enable the shift to cardless societies — making account-to-account payments a new global payments standard.”

Events after the quarter

As previously communicated, Trustly has been subject to a supervisory investigation by the Swedish Financial Supervisory Authority (SFSA) since October of last year. The Company received the SFSA’s preliminary assessment in April and submitted its views on the preliminary assessment in May. In July, Trustly was informed that the SFSA is going to proceed to evaluate whether or not there are grounds for supervisory intervention. Trustly has not yet received any confirmation of when the SFSA expects to issue its decision. In any event, Trustly will be given an opportunity to submit additional comments before the SFSA concludes the matter and issues a final decision.
 

For more information please contact:

Investor Relations: Roland Glasfors, +46 760 024 863, ir@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 more than 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.