Swedish fintech Trustly is reshaping its organisation as it prepares for its next phase of growth in the rapidly expanding open banking payments market. The company is cutting around 200 roles globally, representing roughly a quarter of its workforce according to reports, as management moves to concentrate resources on what it describes as its highest priority areas.
Focus on core operations
Trustly said the proposed organisational changes are intended to sharpen its focus and concentrate investment behind opportunities in open banking. The company said employees affected by the changes would receive support throughout the process.
“We’ve shared proposed organisational changes with our employees that impact around 200 roles globally,” a Trustly spokesperson said. “These changes are about sharpening our focus and concentrating investment behind the priorities that will help us lead the rapidly growing open banking market.”
The reported reductions are understood to affect teams in several locations, with Brazil expected to experience a significant impact. Trustly is headquartered in Stockholm and has operations across international markets, including the UK, Finland, Canada and the United States.
Building a card alternative
Trustly operates in the Pay by Bank segment, allowing consumers to make payments directly from their bank accounts rather than relying on traditional card networks. Its technology connects merchants with banks through open banking infrastructure, allowing customers to authenticate payments through their banking environment.
Trustly says its platform is designed to provide merchants with an alternative to card based payments while supporting lower payment costs, faster transactions and reduced friction during checkout. Its services also extend into areas such as instant payouts, identity verification, KYC and financial data.
The company has built a substantial international network around this model. Trustly says it now serves thousands of merchants and connects consumers with banks across more than 33 countries. Its customers and partners span sectors including ecommerce, financial services, travel, gaming and subscription businesses.
Growth brings restructuring
The restructuring comes as Trustly continues investing in its technology and global operations. In April 2026, the company appointed Randy Kern as Group Chief Technology Officer and Chantelle Zemba as Group Chief Legal Officer, describing the appointments as part of its plans to support the next phase of international growth.
Trustly has also continued to report expansion in the adoption of Pay by Bank. In April, the company said its global user base had surpassed 120 million, highlighting increasing adoption of account to account payments across Europe and North America.
Pressure to streamline
The latest job cuts come after a period of significant investment and expansion for the company. Trustly has raised hundreds of millions of dollars from investors including BlackRock, Nordic Capital and other financial backers.
Reports in Sweden have previously pointed to changes in Trustly’s revenue performance, including the loss and subsequent return of two major customers. The company has also expanded through acquisitions, including its 2023 purchase of UK open banking business Ecospend, strengthening its position in the UK market. Trustly says the Ecospend acquisition helped expand its presence in one of Europe’s fastest growing open banking markets.
Betting on open banking
Despite the workforce reduction, Trustly continues to position open banking as a major growth opportunity. The company describes its mission as helping create a more cardless payments environment by giving merchants and consumers an alternative way to move money.
Trustly currently lists around 900 employees on its careers website, indicating the scale of its global workforce even as the company undertakes the restructuring.
The latest changes therefore mark a shift toward a more focused operating model, with Trustly aiming to direct its resources toward Pay by Bank, open banking infrastructure, data services and other technologies it considers central to the future of digital payments.
