The appeal of financial technology companies has increased during the COVID-19 pandemic as more people shop online and make payments digitally to avoid physical contact. Trustly’s revenues were around 130m euros in 2019 and will be around 200m euros for 2020 on a “double digit” core earnings (EBITDA) margin.
Trustly, founded in 2008 and with offices in Sweden, Spain, Malta, Germany and Britain, processes more than 4 million payments per month. Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly 700 million euros and merged it with U.S.-based PayWithMyBank in 2019. In June 2020, Trustly was reportedly valued at about $2 billion in a financing round that included BlackRock, Investment Corporation of Dubai, Aberdeen Standard Investments, Neuberger Berman, and Retirement System Investment Commission.