Trustly, Inc. (Previously PayWithMyBank)

What Trustly, Inc. (Previously PayWithMyBank) does

Trustly, Inc. (previously PayWithMyBank), headquartered in San Carlos, California and registered in North Carolina (NMLS #2463855), operates a global Pay by Bank platform that enables merchants to accept account-to-account payments directly from consumers' bank accounts, bypassing card networks. The company runs a 100% proprietary Open Banking technology stack purpose-built for high-volume payments, supporting 500+ transactions per second at peak latency and connecting merchants via a single API to more than 12,000 banks across 30+ countries. Trustly's product suite spans six interconnected offerings: Trustly Pay (payment initiation), Trustly ID (KYC and fraud reduction), Trustly Payouts (push payments to consumers), Trustly Insights (spending-pattern and affordability data), Trustly Connect (ACH simplification), and Trustly Scan & Pay (gaming cashless funding). The platform serves 9,000+ merchants and 110M+ consumers, with cumulative processed volume exceeding $500B over a 15+ year operating history. Named enterprise customers include Microsoft, IKEA, Zalando, Electrolux, Boozt.com, Swarovski, Delivery Hero, and Dyson, with a published case study showing a Fortune 50 telecom eliminating $60M+ in interchange costs and lifting autopay conversions by more than 65%.

Name

Trustly, Inc. (Previously PayWithMyBank)

Legal name

Trustly, Inc.

Website

https://trustly.net

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Trustly is a global Pay by Bank platform that enables merchants to accept account-to-account payments directly from consumers' bank accounts via a single proprietary Open Banking API connecting 12,000+ banks across 30+ countries, serving 9,000+ merchants and 110M+ consumers.

Ownership category

akta.pro rank

Product category

Open Banking Payment Processing Software

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)

akta.pro secondary industries

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods (FSAGAKAD)

Keywords

• Pay by Bank
• Open Banking payments
• Account-to-account transfers
• Payment initiation services
• Identity verification

Headquarters

HQ city

San Carlos

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Pay by Bank Transaction Processing: Trustly generates revenue through transaction fees charged on Pay by Bank payments processed through its network. Merchants pay per transaction when consumers pay directly from their bank accounts, providing a cost alternative to card payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Trustly provides Pay by Bank and account-to-account payment, identity, payout, and data services for online businesses. Through a single API integration, merchants connect to 12,000+ banks across 30+ countries, enabling consumers to pay directly from their bank accounts via a 100% proprietary Open Banking stack that handles 500+ transactions per second at peak. The platform also delivers identity verification, push payouts, consumer insights, and ACH simplification as discrete product modules.

Product overview

Trustly offers a unified Pay by Bank platform consisting of six interconnected products: Trustly Pay (payment initiation), Trustly ID (identity verification/fraud reduction), Trustly Payouts (push payments), Trustly Insights (consumer analytics), Trustly Connect (ACH payments), and Trustly Scan & Pay (gaming payments). The platform provides a single API integration connecting to 12,000+ banks worldwide, serving 110M+ consumers across 30+ countries with 500+ transactions per second capacity.

Differentiator

Problem solved

Functional benefit

Brands

• Trustly Pay: Smarter payments for businesses - Pay by Bank solution
• Trustly ID
• Trustly Payouts
• Trustly Insights
• Trustly Connect
• Trustly Scan & Pay

Products and services

• Trustly Pay Core payment initiation product enabling businesses to accept payments directly from consumer bank accounts at checkout via Trustly's Open Banking network.
• Trustly ID Identity verification and fraud reduction solution that streamlines customer onboarding through bank-verified identity data sourced via Open Banking.
• Trustly Payouts Secure push payment solution enabling businesses to send funds directly to consumer bank accounts in seconds.
• Trustly Insights Consumer analytics and financial data product that provides spending pattern insights and affordability signals for personalized offers and wallet share optimization.
• Trustly Connect ACH payment solution that simplifies electronic fund transfers for customers, enabling seamless bill payment and account funding.
• Trustly Scan & Pay Cashless direct funding solution designed for the gaming industry, enabling players to fund accounts directly from their bank.

Quantifiable outcome

• $60M+ in interchange costs eliminated for a Fortune 50 telecom company
• +3 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Trustly Partner HubcoreOthersTrustly maintains a Partner Hub providing frictionless onboarding and KYC data for partners. The Partner Hub is a dedicated section of the website for partner integration and collaboration.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Finicity (Mastercard): Finicity, owned by Mastercard, provides Open Banking connectivity, data, and payment initiation across the US and global markets. As part of Mastercard, it combines broad-incumbent distribution with direct Open Banking capabilities overlapping with Trustly's stack.
• Adyen: Adyen is a global unified commerce payments platform serving enterprise merchants across multiple channels and payment methods. It is a broad incumbent in the same enterprise payment acceptance market where Trustly sells Pay by Bank, and competes for wallet share at shared merchants.
• Klarna: Klarna is a global alternative payments and BNPL network serving many of the same enterprise merchants (IKEA, Zalando, etc.) as Trustly. While its core product is BNPL, it is a broad incumbent in alternative checkout methods competing for the same wallet share.
• Stripe: Stripe is a global internet-scale payment processor with a broad suite of payment methods including cards, ACH, and increasingly A2A. It is a broad incumbent that competes with Trustly in merchant payment acceptance and is investing in bank-payment alternatives.
• Yodlee (Envestnet): Yodlee is a long-standing financial data aggregation and analytics platform serving banks, fintechs, and wealth managers. It is a broad incumbent in the data layer of Open Banking, overlapping with Trustly Insights and consumer-permissioned data use cases.

Direct peers

• Plaid: Plaid is a leading financial data connectivity and Open Banking platform connecting consumers' bank accounts to apps and services. It is a direct competitor to Trustly's account verification, identity, and data layers (Trustly ID, Trustly Insights) and increasingly to its payment initiation rails.
• GoCardless: GoCardless is a global bank debit (A2A) payment network for businesses, specializing in recurring payments and direct debits across Europe, the US, and other markets. It is a direct peer in merchant A2A acceptance, particularly strong in subscription and bill pay.
• Dwolla: Dwolla is a US-based A2A payment platform providing bank-to-bank transfers, payment initiation, and ACH-based APIs. It is a direct peer in the merchant-focused A2A and Pay by Bank space, particularly for US subscription and SaaS use cases.
• Tink: Tink (owned by Visa) is a European Open Banking platform offering account-to-account payments, data, and identity products. It competes directly with Trustly across Pay by Bank, KYC, and connectivity to European banks, with Visa's distribution adding competitive pressure.

Emerging players

• MX Technologies: MX is a financial data platform offering aggregation, connectivity, and analytics to banks and fintechs. It overlaps with Trustly's data and identity capabilities (Trustly Insights, Trustly ID), particularly in the US market, though its focus is more on bank/FI customers than merchants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/TrustlyInc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trustly, Inc. (Previously PayWithMyBank)