Trustly Cuts One in Four Jobs as Net Loss Widens and Revenue Shortfall Hits
Trustly Cuts One in Four Jobs as Net Loss Widens and Revenue Shortfall Hits #
Swedish open banking payments company Trustly is eliminating approximately 205 positions worldwide, roughly a quarter of its total workforce, as the company moves to cut costs and narrow its focus to priority markets, according to reporting by Swedish technology outlet Breakit, confirmed by Tech.eu.
CEO Johan Tjärnberg told staff about the cuts in an internal email. The company described the restructuring as an effort to shorten decision-making chains and sharpen its strategic focus. The cuts are understood to fall disproportionately on Trustly’s teams in Brazil.
Trustly recorded a net loss of 534 million Swedish kronor in 2025, up from 401 million kronor the year before, according to Breakit, which first broke the story. The outlet also reported that Trustly suffered a significant revenue shortfall after losing two major, unnamed clients, though both eventually returned.
Breakit also reported that Trustly had been explored as a potential acquisition target last year, though no deal resulted.
Founded in Stockholm in 2008, Trustly operates a pay-by-bank network that lets consumers pay merchants directly from their bank accounts, bypassing traditional card rails and positioning itself as an alternative to Visa and Mastercard. The company says its platform connects with more than 12,000 banks and reaches over 650 million consumers across more than 30 countries. Its merchant base includes Alibaba, PayPal and Wise.
BlackRock Private Equity Partners, which took a stake in the company in 2020, remains among its backers. Trustly has raised more than $400 million in funding over its history.
Open banking payment providers carry significant infrastructure and regulatory compliance costs as they compete against established card networks. Trustly has previously indicated it is weighing an initial public offering, though the company’s CEO said as recently as 2024 that a listing was at least one to two years away.
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