Trustly is the trading style of the Swedish payment institution Trustly Group AB. The company specializes in so-called payment initiation services. In addition to online direct transfers from the customer’s bank account to the payee, Trustly also supports repayments and direct debits.
Similar to Klarna, Trustly offers direct payment of online transfers between customers and merchants. After the transfer has been initiated, a confirmation is sent to the merchant by Trustly. The actual payment takes place at a later point in time. The merchant can now ship his goods immediately or provide his services.
In comparison to Sofortüberweisung, Trustly additionally collects the customer funds on its accounts and forwards them to the merchant’s accounts upon request. Through this, Trustly can also make repayments from the merchant to customers.
Trustly offers its cross-border payment service in all 28 EU member states and supports more than 6,600 banks. It serves more than 8,100 merchants.
In 2014, the company entered into a strategic partnership with the payment service PayPal. In the same year, European private equity firm Bridgepoint Capital secured a minority stake in the company. Bridgepoint invested approximately USD 30 million.
In 2019, Trustly partnered with Silicon Valley-based U.S. online banking payments leader “PayWithMyBank” in a merger in June 2019. The merger enables merchants to accept online banking payments from European and US consumers
According to the rating portal TrustPilot, customers are said to have problems recharging their customer accounts at online stores and online casinos via Trustly, so we put the company on orange.