Trustly, the Swedish FinTech company, announced Thursday (March 2) that it processed payment volumes of €3.2 billion in 2016.
In a press release, Trustly said it has now reached accumulated processed payment volumes of €6.5 billion since the company was founded in 2008. During 2016, the company saw payment volume growth of 122 percent, thanks to the expansion of the company’s services into an additional twenty-one European countries in late 2015.
“We are delighted that our payment solution is increasingly preferred by consumers across the 29 European countries where we provide services, as well as it having a tangible positive commercial impact for our clients. Whether you run an e-shop or a digital bank, Trustly can help you drive revenue and simplify your payments across Europe,” said Oscar Berglund, chief executive, Trustly, in the press release.
According to the company, Trustly’s payment service has proven it is driving commercial success for its customers, with the company pointing to Swedish digital bank Avanza as one example. Avanza enabled Trustly’s real-time deposit service to allow its customers to top up their accounts from both mobile and desktop in late 2015. Thanks to Trustly’s service, Avanza has since seen a 7 percent increase in its customer activation rate, Trustly said.
Trustly’s announcement comes at a time when Sweden is making strides to become a cashless society. In a 2015 report conducted by industrial technologists at the KTH Royal Institute of Technology in Stockholm, there were only about 80 billion Swedish kronor ($9 billion) in circulation, a decline from 106 billion in 2009. The data might be even more dramatic, since Niklas Arvidsson, management researcher at KTH, noted that somewhere between 40 to 60 percent is simply languishing in safe deposit boxes or in people’s homes.