Trustly Secures $40M Investment to Accelerate AI-Powered Open Banking Intelligence

Trustly has secured over $40 million in equity commitments from Nordic Capital and Alfvén & Didrikson to accelerate its shift toward AI-driven financial intelligence. For fintech professionals, this move signals a pivot from pure-play open banking payments to a data-centric model where real-time intelligence is used to mitigate risk and enhance customer retention across global markets.

What was announced

Trustly Holding AB’s parent company, Trustly AB (publ), has received irrevocable and legally binding equity commitment letters exceeding $40 million. The round is led by Nordic Capital, the company’s principal shareholder, alongside Alfvén & Didrikson. While the initial commitment is set, other existing shareholders will be offered the opportunity to participate in the capital raise, with the final total amount to be disclosed upon the round's expected conclusion in November 2026.

The primary objective of this capital injection is to fund the next phase of Trustly’s growth strategy, specifically focusing on the development of new products that integrate artificial intelligence. The company intends to transition its existing open banking payments network—which currently spans the United States, Canada, and Europe—into a real-time intelligence platform. By leveraging AI, the firm aims to transform standard payment transactions into actionable intelligence. This data-driven approach is designed to help merchant partners win new customers, improve long-term retention, and stay ahead of operational risks. The strategy positions Trustly to move beyond the mechanics of moving money, focusing instead on making every interaction within its network smarter than the last through embedded financial intelligence.

"Trustly is the payments network behind more than 50 million consumers and over $120bn in transactions a year. This puts Trustly in a strong position to take a leading role in shaping the new era of financial services by bringing together payment and data services and using AI to embed real-time financial intelligence. This commitment from Nordic Capital and Alfvén & Didrikson is a vote of confidence in Trustly and where we’re headed."

Johan Tjärnberg, Group CEO Trustly.

The companies involved

Trustly is a major player in the open banking space, facilitating account-to-account transactions that bypass traditional card networks. The company has established a significant footprint in both Europe and North America, processing over $120 billion in annual transaction volume for a user base exceeding 50 million consumers. Its platform allows users to pay directly from their bank accounts, providing a seamless alternative to credit and debit cards.

Nordic Capital, the lead investor in this round, has been a principal shareholder in Trustly since 2018. The private equity firm is a frequent investor in the technology and payments sectors, recently making headlines for its efforts to consolidate the small and medium business (SMB) finance market. Alfvén & Didrikson, another long-term supporter, first backed Trustly fifteen years ago. Their continued involvement underscores a decade-and-a-half-long partnership with the Swedish fintech. Together, these investors provide the institutional backing necessary for Trustly to maintain its position as a dominant open banking network while it attempts to redefine its service offering through the integration of artificial intelligence and real-time data analytics.

What FF News has reported before

FF News has followed Trustly’s expansion into various high-growth verticals, particularly within the gaming and digital experience sectors. Recently, the company has focused on enhancing user experiences through strategic partnerships, such as when Trustly Partners with Acres to Deliver Instant, Plug-and-Play Cashless Gaming. Similarly, the firm expanded its European reach by collaborating with JOI gaming Teams Up with Trustly to Deliver Next-Level Payment Experience in the Netherlands.

Meanwhile, Nordic Capital has been active in broader fintech consolidation. FF News recently reported on the firm’s strategic moves to create a Global SMB Finance Powerhouse by acquiring Liberis and merging it with Qred. This history of aggressive market positioning and consolidation by Nordic Capital aligns with its continued support for Trustly’s evolution into an AI-focused intelligence platform.

What this means

This announcement highlights a critical shift in the open banking sector: the commoditization of basic payment rails is forcing market leaders to find value in the data layer. By doubling down on AI and "financial intelligence," Trustly is moving to defend its margins against traditional card networks and emerging account-to-account competitors. The industry is no longer just about moving money cheaply; it is about who can provide the most sophisticated risk and identity insights at the point of sale. This puts significant pressure on smaller open banking providers who lack the transaction volume—over $120 billion in Trustly’s case—to train effective AI models. The question now is whether "intelligence" can become a standard merchant expectation rather than a premium add-on.