Swedish fintech Trustly is cutting around 200 jobs, around a quarter of its overall headcount, as it looks to streamline its operations and focus on key areas of the business, it said.
Trustly, which is backed by BlackRock and has raised over $400m in funding, leverages open banking technology to allow its customers to pay directly from their bank account without needing to use a card or app. It is an alternative payment method to card giants Visa and MasterCard.
Trustly is used by thousands of merchants worldwide, including Alibaba, PayPal and Wise.
The job cuts were first reported in Swedish outlet Breakit, which said last year Trustly lost a significant chunk of revenue when it lost two major unnamed clients, which subsequently returned. The outlet also reported that Trustly might have been up for sale last year.
Trustly said the job cuts, which are understood to mostly hit its teams in Brazil, were about focusing investment on priority areas.
A Trustly spokesperson said: "We've shared proposed organisational changes with our employees that impact around 200 roles globally. These changes are about sharpening our focus and concentrating investment behind the priorities that will help us lead the rapidly growing open banking market. We understand the impact this will have on those whose roles are affected, and we’re supporting every employee throughout the process.”
Trustly is understood to employ over 800 staff.
Headquartered in Stockholm, it has offices around the world, including in London, Helsinki, Ottawa and San Carlos. Trustly CEO Johan Tjärnberg told staff about the cuts via an email sent yesterday.
Trustly snapped up UK open banking outfit Ecospend in 2023. It has raised $438m in total and its other backers include Nordic Capital, Aberdeen Standard Investments and the Investment Corporation of Dubai, according to PitchBook.
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