Swedish fintech Trustly has secured over $40m in equity investment commitments from two key shareholders, Nordic Capital and Alfvén & Didrikson. The capital raise, expected to conclude in November 2026, will fund new AI-powered products as part of the company's growth strategy. The investment follows recent job cuts at Trustly, which eliminated around 200 positions — approximately a quarter of its workforce — after revenues fell by more than $50m last year. Other existing shareholders will have the opportunity to participate in the capital raise. Trustly uses open banking technology to enable customers to pay directly from their bank accounts, positioning itself as an alternative to card giants Visa and Mastercard. The company, backed by BlackRock, has raised over $400m in total funding.

Swedish fintech Trustly is cutting around 200 jobs, approximately a quarter of its workforce, as it streamlines operations and focuses on key business areas. The company, backed by BlackRock and having raised over $400m in funding, uses open banking technology to enable customers to pay directly from their bank accounts. Trustly serves thousands of merchants worldwide, including Alibaba, PayPal and Wise, offering an alternative to card giants Visa and MasterCard. The cuts will primarily affect teams in Brazil. A company spokesperson said the changes aim to sharpen focus and concentrate investment on priorities in the growing open banking market. Trustly employs over 800 staff globally, with headquarters in Stockholm and offices in London, Helsinki, Ottawa and San Carlos.