Swedish fintech Trustly receives $40M equity commitment from key shareholders
Tech.eu John Reynolds
Trustly got over $40M in equity commitments from two big shareholders. It’s backing AI products after cutting about 200 jobs and losing over $50M in revenue last year.
Based on reporting by Tech.eu, John Reynolds — read the original for the full story.
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Swedish fintech Trustly says two of its key shareholders have committed more than $40 million in equity to support the company’s growth plans. The money is coming from Nordic Capital, Trustly’s main shareholder, and Alfvén & Didrikson, another existing backer.
The timing is blunt. Just weeks ago, Trustly revealed it was cutting around 200 jobs, roughly a quarter of its workforce, after revenue fell by more than $50 million last year. Now the company is trying to reset the story around new product development, with the fresh capital earmarked for building AI-powered offerings.
Trustly said the raise is expected to close in November 2026, and other existing shareholders will get the chance to join in. The company also noted that it is backed by BlackRock and has raised more than $400 million so far.
Trustly built its business on open banking, letting customers pay straight from a bank account without reaching for a card or app. That puts it in direct competition with card networks like Visa and MasterCard, which makes every funding round and every product pivot feel a little more strategic than usual.
My take — AI-written commentary, not fact-checked reporting
This is the classic fintech move: cut hard, then call the survivors a growth plan. AI is the new paint job on a business that still has to prove it can make open banking feel less like infrastructure and more like a habit. The money helps, but markets have seen enough “strategic resets” to know they’re usually just expensive admissions.
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