- Trustly processed payments to the value of more than £13.1bn between January to June in 2024
- This marks a considerable increase relative to 2023, when Trustly handled £13.6bn over the full year
Trustly, the global leader in open banking payments, is continuing to strengthen its presence in the UK, building its relationships with key partners as payment volumes and the adoption of open banking technology accelerates.
Trustly provides consumers and merchants with a suite of payment products and data solutions, which aim to make online payments seamless, instant and secure. The company has been growing rapidly since its launch in 2008, currently partnering with 9,000 businesses across 33 markets.
In this country specifically, Trustly has seen tremendous growth in recent years with transaction value soaring in the first half of 2024 and exceeding £13bn. This represents a significant increase in comparison to 2023 when the company handled £13.6bn for the entire year. Trustly’s strong performance highlights the growing adoption of open banking more broadly, with one in nine people in the UK reportedly using open banking services as of October 20232.
Trustly has been successful in developing its connections and partnerships across both the public and private sectors. The company’s positive results demonstrate a clear acceleration in the adoption of open banking in the United Kingdom, with Trustly enabling organisations to enhance services for the country’s consumers.
Meanwhile, Trustly continues to strengthen its partnerships in the private sector, such as with Hargreaves Lansdown, ITV, MoneyGram and Booking.com. The acquisition of Ecospend, A Trustly Company, in 2023 has contributed to increasing Trustly’s presence in the UK and rise of its market share.
Lord Chris Holmes of Richmond MBE, a Senior Adviser to Trustly, comments: “It is exciting to see Trustly continue to expand its presence in the UK market. The strength of Trustly’s partnerships across the private and public sector combined with the business’ exceptionally strong performance in recent months emphasises the accelerating adoption of open banking technology among consumers and merchants across the UK. The entire team at Trustly looks forward to continuing to provide our UK-based customers and partners with innovative payment solutions as we work towards making open banking payments a standard part of financial experiences.”
In a strategic move to bolster its presence in the UK market, Trustly has appointed Mitchell Powers as Senior Vice President for the UK. Powers joins Trustly from GoCardless, where he most recently served as Vice President and General Manager. This appointment underscores Trustly's commitment to expanding its footprint and enhancing its service offerings in the UK.
Mitchell Powers, Senior Vice President at Trustly UK, comments: “Joining Trustly, the outright leader in this industry, is a proud moment for me. The company has gone from strength to strength over the past 12 months. This is demonstrated by its tremendous growth, world-first product rollouts, and innovative solutions for major global brands. I'm excited to be joining Trustly for its vision, its clear differentiators and – most importantly – its potential to completely revolutionise the way people pay for things in the United Kingdom. Watch this space.”
