Swedish fintech Trustly today said it had received more than $40m in equity investment commitments from two key shareholders to underpin its planned growth strategy.
The investment follows just weeks after it was revealed Trustly was cutting around 200 jobs, around a quarter of its overall headcount, after it saw its revenues fall by more than $50m last year.
The equity is being provided by its main shareholder, Nordic Capital, and another key shareholder, Alfvén & Didrikson. Trustly said it will use the funding to build new products leveraging AI. The capital raise is expected to conclude in November 2026.
Trustly’s other existing shareholders will be offered the opportunity to participate in the capital raise, Trustly 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.
Johan Tjärnberg, Group CEO of Trustly said: "This commitment from Nordic Capital and Alfvén & Didrikson is a vote of confidence in Trustly and where we’re headed."