More than $40m · Other round · Fintech · Stockholm, Sweden
Stockholm-based Trustly has received irrevocable, legally binding equity commitments of more than $40m from existing shareholders Nordic Capital and Alfvén & Didrikson, according to the company's regulatory announcement and Tech.eu. The capital raise is expected to close in November 2026, when other existing shareholders will also have the opportunity to participate and the final amount will be announced.
Trustly lets consumers pay merchants directly from their bank accounts, bypassing card rails and a separate app registration. The company says its open-banking network connects more than 9,000 merchants to 650 million consumers through 12,000 banks across more than 30 markets. Its latest announcement narrows the new capital's purpose to products that use AI to turn payment interactions into intelligence for customer acquisition, retention and risk management.
Payment data becomes the product
That strategy moves Trustly beyond competing only on payment initiation. A large account-to-account network already observes whether a payment succeeds, how a returning consumer behaves and where risk appears in the checkout flow. Trustly's stated product direction is to use those interactions to help merchants recognise customers, improve conversion and manage risk in real time. The company says its network supports more than 50 million consumers and over $120bn in transactions a year, giving it a substantial stream of payment events on which to build.
The commercial test is whether that data can become useful merchant decisions without adding friction to the payment itself. Trustly already describes Azura as a recognition layer that can make repeat Pay by Bank purchases faster. New AI products could deepen that proposition by turning network activity into risk and retention signals, but the announcement does not yet identify specific products, launch dates or customer deployments. Those details will determine whether the raise produces a broader software layer or mainly improves Trustly's existing payments engine.
The close is still ahead
The wording matters: this is a binding shareholder commitment, not a completed capital raise. Nordic Capital has backed Trustly since 2018, while Alfvén & Didrikson has been an owner since 2011. Their continued support gives the company committed capital for the strategy, but the final round size and shareholder mix will remain open until the planned November close. That makes the next disclosure important both for the financing itself and for evidence that Trustly can translate its network scale into new data products.
Sources checked:
Trustly regulatory announcement · Tech.eu report · Trustly company profile · Tech.eu Funding Explorer
