Trustly Company Profile – Open Banking, Pay N Play, and Global Expansion
About Organisation
Brief Overview
Trustly Group AB is a Swedish FinTech company delivering Open Banking and account-to-account (A2A) payment solutions to merchants across gaming, e-commerce, financial services, and the public sector. With more than 12,000 connected banks and 650 million consumers, the company is widely known for pioneering Pay N Play, an instant registration and payment product that transformed regulated iGaming markets. Trustly is headquartered in Stockholm with major hubs in Malta, the UK, and the United States.
| Company Name | Trustly Group AB |
| Business Model | B2B Payment Services (Open Banking, A2A) |
| Headquarters | Stockholm, Sweden |
| Markets Served | Europe, UK, USA |
| Core Verticals | iGaming, E-commerce, Public Sector, Financial Services |
| Key Product | Pay N Play (Gaming), Pay-by-Bank (General) |
| Global Reach | 12,000+ banks, 9,000+ merchants, 650M+ consumers |
Mission and Business Focus
Trustly’s mission is to accelerate the shift away from cards and cash by delivering secure, fast, and cost-efficient payment alternatives directly from bank accounts. Its technology improves conversion, reduces fraud and chargebacks, and powers instant onboarding through verified banking data and automated KYC flows.
Company History & Founders
Year Founded and Evolution
| 2008 | Founded in Stockholm as Glue Finance |
| 2016 | Launch of Pay N Play |
| 2019 | Merges with US-based PayWithMyBank |
| 2022 | Acquires UK Open Banking firm Ecospend |
| 2023 | Acquires SlimPay to expand recurring payment solutions |
Founders & Ownership
| Carl Wilson | Co-founder |
| Joel Jakobsson | Co-founder |
| Lukas Gratte | Co-founder |
| Johan Tjärnberg | CEO |
| Morten Hübbe | Chairman |
| Ownership | Majority: Nordic Capital; Minority: BlackRock, Alfvén & Didrikson |
Licensing & Regulatory Info
Regulatory Oversight
| EU/EEA | Swedish Financial Supervisory Authority (FI) – Licensed Payment Institution |
| UK | Financial Conduct Authority (FCA) – Registered Open Banking Provider |
| USA | State-by-state regulatory compliance process |
Note: In 2022, Trustly received a formal warning and SEK 130M fine from the Swedish FI related to AML shortcomings in iGaming transactions. The company implemented extensive remediation and enhanced its compliance controls.
Offices & Headquarters
Global Office Locations
| Sweden | Stockholm – Global HQ |
| Malta | Sliema – European operations & iGaming support |
| United States | San Carlos, CA – North American operations |
| United Kingdom | London – UK commercial & regulatory office |
| Other EU | Helsinki, Barcelona, Köln – Regional market teams |
Business Partnerships
Key Partnerships & Merchant Clients
| iGaming | Flutter, Bet365, Betway, William Hill, Betsson, Entain |
| Public Sector (UK) | HM Revenue & Customs (via Ecospend) |
| Payments Infrastructure | Spreedly, Primer, IXOPAY, Flywire |
| US Banking Integration | Cross River Bank, Fifth Third, Bankify |
| Tech Scaling | Episode Six (Pay-by-Bank via card rails) |
Trustly’s Pay N Play technology remains a dominant solution in regulated iGaming markets across Scandinavia, Germany, and the Netherlands.
Contact Details
| Website | www.trustly.net |
| Global HQ Address | Rådmansgatan 40, 113 57 Stockholm, Sweden |
| UK Address | The Wingate, 442–446 Shaftesbury Avenue, London WC2H 8AL |
| Company Registration | Org. No. 556754-8655 (Sweden) |
