"Germany holds vast opportunities for us"
Trustly, the Swedish fintech company known for its account-to-account (A2A) payments, is making significant strides in Germany, a market with immense potential. The company, which opened its first office in Germany in 2018, has been driving growth in new verticals and has been actively partnering with merchants, including PayPal.
Jussi Lindberg, Trustly's Chief Revenue Officer, sees Germany as a prime opportunity for the company. He attributes this to the new requirement for real-time transfers by EU banks, a development that Trustly is well-positioned to capitalise on. Lindberg also mentions that PayPal is not a competitor but a partner, and that many fintech companies work together.
Trustly's A2A payments offer several advantages for merchants. They are immediate, have low fees, and have a low risk of fraud, making them attractive for businesses seeking fast and secure transactions. However, it's worth noting that these payments are not as easily reversible as credit card payments, a trade-off that some customers may find advantageous due to the speed of transactions.
Trustly's presence in Germany is not limited to large corporations. The company is also simplifying onboarding processes for fitness studios, verifying users who have already used Trustly and passing on relevant data to the operators.
Despite the promising growth, competition in Germany remains fierce. However, Trustly's focus is not on acquisitions but on winning new merchants. In this pursuit, the company has recently won two companies, Slimpay for France, and Ecospend for the UK, to aid its expansion.
As of mid-2025, there is no publicly available exhaustive list of German merchants working with Trustly for A2A payments. However, Trustly has significant payment volumes in Germany, handling around €1.4 billion annually and capturing about 30% of the open banking payment market there. The company is commonly used by online merchants across Europe, including Germany, especially those aiming to streamline checkout and increase conversion rates with simpler bank payments.
Trustly's partnerships extend to sectors like gaming and digital payments, offering services like instant deposits and withdrawals. While specific merchants are not detailed, it's likely that similar European operators are leveraging Trustly's services. For precise merchant partnerships, it might help to check Trustly’s official business client references or industry-specific payment solution announcements.
Trustly's revenue for the period from 2022 to 2023 has approximately doubled compared to the previous period, signalling a robust growth trajectory for the company. With its focus on simplifying processes and being the only one doing it in this form, Trustly is poised to continue its expansion in Germany and beyond.
[1] Trustly Annual Report 2023
[2] Trustly Q1 2023 Results
[3] Trustly Annual Report 2022
[4] Top Trading Platforms in Germany
[5] Trustly Partners with US iGaming Platforms
- The significant growth of Trustly in Germany, a market with immense potential, can be attributed to the new financial requirement for real-time transfers by EU banks, a development that Trustly is well-positioned to capitalize on, as evidenced by the doubling of their revenue from 2022 to 2023.
- In addition to its focus on winning new merchants, Trustly is actively partnering with technology companies like PayPal, while also expanding into new verticals, such as gaming and digital payments, offering services like instant deposits and withdrawals.
