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Trustly’s Open Banking payments to be offered at THG checkouts

Stockholm, Sweden, December 17, 2021 – Trustly, the leading global payments platform for digital account-to-account transactions, is pleased to announce its solution will be added to brand checkouts across THG plc, the global technology platform company specialising in taking brands direct to consumers.

Millions of shoppers across any of THG’s brands, which include Myprotein and Lookfantastic, will now be able to pay directly from their bank account with Trustly. It will initially launch in the UK, followed by Denmark, Finland, Germany, Norway and Sweden. 

The announcement comes at a time when Open Banking is seeing rapid growth globally, and especially in the UK. According to a recent study from Juniper Research1, Open Banking is set to grow by 2,800% in the next five years, with Western Europe accounting for the vast majority and the UK being the leader in this area. 

Johan Nord, Chief Business Officer, EMEA, at Trustly, says: “Increasingly, shoppers are looking for Open Banking solutions that allow them to pay directly from their bank account. At the same time, merchants are looking for safer and less expensive payment methods, especially in the UK where card fees are rising significantly. Trustly allows partners to reduce costs, as it is up to 50% cheaper than cards, while helping to position brands at the forefront of innovative e-commerce.”

John Gallemore, CEO of THG Ingenuity, the proprietary, end-to-end technology and operating platform that powers all THG brands: “Our aim is to continually deliver enhancements to our platform that create an unbeatable experience for our customers. The addition of Trustly is another step in this journey, helping to provide even more choice by giving shoppers a wider range of payment options at checkout.”

1 “Open Banking: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2026,” Juniper Research.

 

About Trustly

Founded in 2008, Trustly is a global leader in Online Banking Payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2020 we processed over $21 billion in transaction volume in our global network. 

Trustly has more than 600 employees across Europe, North America and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.

About THG 

THG (www.thg.com)isa vertically integrated, digital-first consumer brands group, retailing its own brands predominantly in beauty and nutrition, plus third-party brands, via its proprietary, end-to-end, e-commerce technology, infrastructure and brand-building platform (THG Ingenuity) to an online and global customer base. 

Press contact

Meredith Popolo, Head of PR & Communications at Trustly, +46 (0)70-961 15 83, meredith.popolo@trustly.com

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