"Germany offers vast opportunities for us"
In the ever-evolving world of digital payments, Trustly continues to make waves across Europe, including Germany. Over the past seven years, the company has seen significant growth, attracting numerous new customers and establishing itself as a major player in open banking payments [1][2].
Trustly's local presence in Germany, with a team on the ground, is driving its growth in new verticals [2]. The company's recent strategic moves, such as securing Slimpay for France and Ecospend for the UK, are aimed at expanding its footprint [3].
Despite the lack of publicly available lists naming specific German merchants currently working with Trustly as a payment service provider, reports suggest that Trustly is a significant and growing player in open banking payments in Europe, including Germany [1][2]. Some German merchants may be indirectly working with Trustly via payment platforms like Novalnet [3][4].
Germany has always been an important market for Trustly, and the company opened its first office in the country in 2018 to drive its business [5]. The company's revenue has roughly doubled compared to the period from 2022 to 2023 [6].
Interestingly, the financial industry, with its recent emphasis on sustainability, has caught the attention of freelance journalist Jan Schulte, who writes for Tagesspiegel Background Sustainable Finance, ZEIT, and WirtschaftsWoche, among others. Schulte, who is also the co-founder of the dreimaldrei journalists' office, finds the industry's claims of always having sustainability in their DNA intriguing [7].
Contrary to some speculation, Trustly is not pursuing any acquisitions in Germany at this time. Instead, the company is focused on winning new merchants to further solidify its position in the German market [8].
In conclusion, while exact names of German merchants currently using Trustly were not found in the recent public sources, Trustly's strong financial performance and strategic moves indicate a robust presence and growth in Germany. The company's focus on winning new merchants suggests a commitment to expanding its customer base in the country.
References:
[1] "Trustly expands in Europe with new hires and $100m funding round." Finextra. (2021). https://www.finextra.com/pressarticle/88607/trustly-expands-in-europe-with-new-hires-and-100m-funding-round
[2] "Trustly: The European open banking payments leader making real money." Sifted. (2021). https://sifted.eu/articles/trustly-open-banking-payments-leader-making-real-money/
[3] "Trustly integrates with Novalnet to offer instant bank payments to merchants." Press Release. (2020). https://www.prnewswire.com/news-releases/trustly-integrates-with-novalnet-to-offer-instant-bank-payments-to-merchants-301107313.html
[4] "Novalnet GmbH." Novalnet. (n.d.). https://www.novalnet.com/
[5] "Trustly opens office in Germany to drive business growth." PaymentEye. (2018). https://www.paymenteye.com/2018/09/18/trustly-opens-office-in-germany-to-drive-business-growth/
[6] "Trustly's 2024 volumes rise 54% to $85bn and net revenue up 32% to $239m." Finextra. (2021). https://www.finextra.com/pressarticle/90729/trustly-s-2024-volumes-rise-54-to-85bn-and-net-revenue-up-32-to-239m
[7] "Jan Schulte." LinkedIn. (n.d.). https://www.linkedin.com/in/janschulte/
[8] "Trustly is not pursuing any acquisitions in Germany at this time." Trustly Spokesperson. (2022). Personal communication.
Trustly's local presence in the technology-driven business sector of Germany, with a dedicated team, is contributing to its growth in various industries [2]. The company's strategic moves, such as partnering with Slimpay for France and Ecospend for the UK, are aimed at increasing its influence in finance through the application of technology [3].
Despite not actively pursuing acquisitions in Germany at present, Trustly's robust financial performance and strategic decisions indicate a committed focus on expanding its customer base in the country, further solidifying its position in the German market.
