Swedish fintech Trustly to cut around 200 jobs

Swedish fintech company Trustly is cutting approximately 200 jobs, which amounts to about one quarter of its total workforce. The reductions were announced to staff by CEO Johan Tjärnberg and will mostly affect employees in Brazil.

Trustly operates an open banking platform that lets consumers pay merchants directly from their bank accounts, bypassing traditional cards and apps. The company serves thousands of merchants worldwide, including Alibaba, PayPal, and Wise, and competes with major card networks like Visa and Mastercard.

Backed by investors such as BlackRock, Nordic Capital, and the Investment Corporation of Dubai, Trustly has raised over $400 million in funding and previously acquired the UK open banking firm Ecospend in 2023. Media reports noted that the company lost and subsequently regained two major clients last year, and may have explored a sale.

The company stated that the layoffs are intended to streamline operations and concentrate investments on priority areas to maintain a leading position in the growing open banking market. Trustly employs more than 800 people globally, with its headquarters in Stockholm and offices in locations including London, Helsinki, Ottawa, and San Carlos.