Trustly to lay off 120 as it increases account-to-account focus

Most of the affected employees are based in Trustly’s head office in Stockholm.

A spokesperson told iGB the redundancies will allow Trustly to refocus its geographical and product focuses, which it aims to simplify by “reducing structural complexities”. However, they said the number of employees affected in each division of the business could not be revealed for privacy reasons and because discussions are still ongoing to finalise the plan.

Speaking to iGB, a Trustly spokesperson said that igaming will continue to be “an important vertical” for the company.

This, said Trustly, will allow the company to focus on its account-to-account (A2A) product services and growth opportunities with the aim of becoming a market leader in Europe by the end of 2024.

“Following the setup of a new organisation in which the group functions are replaced with regional, more agile and customer-centric management teams, and a refocused European product offering, there will be redundancies in Europe, primarily in Stockholm,” a company statement said.

In turn, Trustly has appointed a management team for its European expansion. The new appointments will take effect on 1 March.

Johan Tjärnberg has been named CEO, president and group CEO, as previously announced in December. Oscar Berglund, who stepped down as Trustly’s CEO last year, becomes head of business development. The role of head of product has been appointed to Sagar Achanta.

The current North American team remains the same.

“Together with my leadership team, I have set out a new three-year growth plan for the company,” said Tjärnberg. “The plan rests on the fact that digital A2A transactions continue to gain ground over other payment methods and Trustly is uniquely positioned to continue to be a global leader in this market.

“We have a clear path on how to continue to win on both sides of the Atlantic and even more effectively serve our merchants.”