Trustly Review
7.6/10A Swedish payment institution running pay-by-bank for gaming: inventor of Pay N Play in 2015, first FedNow payouts in sports betting, $100B+ TPV in 2025, and US clients including FanDuel, DraftKings, and Hard Rock Bet.
Our read
- A Swedish payment institution at home, roughly 36 US state money transmitter licenses under NMLS 2463855, and two FCA-authorized UK entities.
- TPV above $100B in 2025, 120 million users by April 2026, and US volume approaching 10% of the entire RTP network.
- Instant payout rails: RTP since September 2021, FedNow since April 8, 2024 with ESPN BET as the first sportsbook on it, same-day ACH fallback, over $25B in cumulative instant payouts, and 95%+ instant coverage across 30 European markets.
- US gaming clients: FanDuel, DraftKings, Caesars, ESPN BET, PointsBet, and Hard Rock Bet (exclusive pay-by-bank across eight states since March 2025), plus land-based reach through Light & Wonder, Acres, and IGT.
- Invented Pay N Play in 2015: the Azura-powered next generation shown at ICE 2025 cuts logins to under 10 seconds and adds cross-merchant player recognition.
- Guarantee products (Trustly Pay, Guaranteed ACH, and $1M VIP approvals) take ACH return risk off the operator.
- FY2025 closed at a SEK 565M net loss, with revenue down 12% in constant currency even as TPV grew 17.6% past $100B. Growth returned in Q4 2025.
- Pricing is quote-only, so every commercial term starts at a sales call.
- Pay N Play is live in four markets, Sweden, Finland, Estonia, and the Netherlands, while the payment method itself reaches 33 markets.
- Smaller operators go through the same enterprise sales process as tier-1 brands.
Tier-1 and tier-2 licensed operators in Europe and regulated US states that want branded pay-by-bank deposits and sub-five-minute payouts from a single vendor with its own license stack on both continents.
Offshore or crypto-first brands (the posture is licensed-only), small operators wanting self-serve pricing and quick onboarding, and LatAm-first buyers, since there is no Pix product behind the Brazilian engineering office.
Markets & licensing
Trustly Group AB is a Swedish payment institution (org no 556754-8655) authorized by Finansinspektionen, with five foreign agents alongside. The US business runs through a separate entity, Trustly, Inc. (NMLS 2463855), and the UK through two more, Trustly UK Limited and Ecospend Technologies.
Trustly, Inc. holds money transmitter licenses in roughly 36 states under NMLS ID 2463855, including Florida FT230000479, New Jersey 2406161, and Pennsylvania 110849, while Cross River Bank has provided the RTP rail access since 2021. No license covers California, Texas, New York, or Nevada.
UK coverage runs through Trustly UK Limited and Ecospend Technologies Limited, the open-banking firm Trustly closed on in January 2023 and the supplier behind HMRC's pay-by-bank program, which processed 1.3 million payments worth £4.7B in January 2025 alone. Both hold Authorised Payment Institution permissions: Trustly UK Limited under FRN 1005703 (since March 2024) and Ecospend Technologies under FRN 829713 (since May 2019). Pay N Play does not cover the UK.
- Sweden (FI) payment institutionSweden / EEA
- Payment services including payment initiation, the home authorization behind the European business · Trustly Group AB · org no 556754-8655 · +5 foreign agents · a PI, never an EMI
- US state money transmitter licensesUnited States (state-by-state)
- Money transmission behind deposits and instant payouts in regulated states · Trustly, Inc. · NMLS 2463855 · ~36 states · no license in CA, TX, NY, or NV
- UK (FCA) entitiesUnited Kingdom
- Open-banking payments via Trustly UK Limited and Ecospend Technologies Limited (HMRC's supplier) · FRN 1005703 (Trustly UK) and FRN 829713 (Ecospend) · both Authorised Payment Institutions
Licensing tier: The Swedish payment institution passports the European business across the EEA, and the US and UK permissions are held by Trustly's own entities.
Trustly's consumer reach spans 33 markets across three continents.
Acceptance posture is licensed operators in regulated markets.
Methods & rails
What you can reach
A2A rails
Payout rails
Processing features
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
One integration covers deposits and payouts across the whole bank network. The developer docs at docs.trustly.com span API references, a deposit guide, a gaming integration guide, and an SDK overview, with a hosted checkout widget for teams that skip a custom cashier build. In the US, rail access for RTP runs through the Cross River Bank partnership, expanded to include FedNow in 2024, and Pay N Play upgrades ship without extra integration work for existing customers.
Onboarding is enterprise sales-led, so KYB and per-market activation set the calendar rather than the build.
Products & tools
One method, built out in every direction: pay-by-bank deposits across 12,000 banks, an instant-payout engine spanning RTP, FedNow, and SEPA rails, the Pay N Play flow Trustly invented in 2015, and newer layers like Trustly ID and Scan & Pay for land-based casinos.
Pay by Bank Deposits
The core account-to-account product: players pay straight from their bank account across 12,000 banks and 33 markets, with deposits landing in under six seconds and conversion up to 98.8% in European gaming.
- 12,000 connected banks, 650M consumer reach, and 120M+ users globally
- Access to 99%+ of US bank accounts via direct bank APIs
- Deposits in under 6 seconds with up to 98.8% deposit conversion in European gaming
- 13 currencies in the European gaming product
- Name/IBAN verification, affordability checks, and PEP plus sanctions screening built into the flow
- No cards, wallets, or crypto anywhere in the stack, by design
Instant Payouts
Instant withdrawals on three US rails: RTP since 2021, FedNow since 2024 (ESPN BET was the first sportsbook on the rail), and same-day ACH as fallback, with more than $25B in cumulative instant payouts and money moving in under five minutes.
- US rails: RTP (via Cross River Bank since September 2021), FedNow (since 2024), and same-day ACH
- Over $25B in cumulative instant payouts, more than $17B of it through RTP (2025)
- Payout funds move in less than five minutes
- Europe: over 95% of payouts instant across 30 markets with a 99.7% payout success rate
- Smart Routing engine picks the rail per transaction
- Guaranteed ACH and Available Funds Guidance shift US return risk onto Trustly, with VIP deposit approvals up to $1M
Pay N Play
Trustly's 2015 invention: deposit, registration, and KYC collapse into one flow because player identity data rides in over the bank connection, so the account exists the moment the first deposit clears.
- Live in Sweden, Finland, Estonia, and the Netherlands
- Pay N Play logins under 8 seconds and conversion up to 96%
- Next-gen version unveiled at ICE 2025 on the Azura data engine: logins cut from 48 to under 10 seconds, login plus deposit under 20 seconds
- Cross-merchant recognition: a player opts in once and is recognized across all Trustly-enabled sites
- Average transaction value up 10% on the next-gen flow
- No extra integration work for existing customers on the upgrade
Trustly ID & Scan & Pay
The 2025 additions around the core method: Trustly ID brings AI and biometric identification to European gaming logins, while Scan & Pay (Scan N Play) takes cashless pay-by-bank onto US casino floors through Light & Wonder and Acres.
- Trustly ID launched 2025 in Europe for faster gaming logins
- Scan & Pay cashless product launched in the US in 2025 for land-based casinos
- Light & Wonder partnership for cashless casino payments
- Acres partnership for plug-and-play cashless gaming
- IGT among 2024 partners in the North American business
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
Trustly was founded in Stockholm in 2008 and grew up with the Nordic licensed casino market, inventing Pay N Play in 2015. Bridgepoint sold it to Nordic Capital for around $800M in March 2018 (roughly 70%, with Alfvén & Didrikson holding a minority since 2011), and the 2019 merger with Silicon Valley's PayWithMyBank created the transatlantic network that became the entire US business. A BlackRock-led consortium took a minority stake in 2020 at a valuation above $1B, and a Nasdaq Stockholm IPO at up to €9B was postponed indefinitely on May 3, 2021, with the company staying private since. Ecospend (UK, closed January 2023) and SlimPay (France, announced August 2023 at €70M) extended the footprint, and FY2025 brought the first year above $100B in TPV alongside a SEK 565M net loss.
Brands & clients on the platform
Corporate
- PayWithMyBank (merger announced Jun 2019)
- Ecospend Technologies (announced May 2022, closed Jan 2023)
- SlimPay (announced Aug 2023, €70M)
Leadership
Milestones
- 2008
Founded in Stockholm as a bank-transfer payment company for the Nordic online market.
- 2015
Invents Pay N Play, collapsing registration, KYC, and deposit into one bank-authenticated flow and creating the no-account casino category.
- 2018-2019
Nordic Capital buys control from Bridgepoint for ~$800M in March 2018. The PayWithMyBank merger in June 2019 creates the first transatlantic online banking payments network.
- 2020-2021
BlackRock-led consortium takes a minority stake at a $1B+ valuation (June 2020). US instant payouts launch on RTP with Cross River Bank (September 2021). The ~€9B Nasdaq Stockholm IPO is postponed indefinitely (May 3, 2021).
- 2022-2023
The Ecospend acquisition closes in January 2023 and SlimPay is announced at €70M in August 2023, extending the footprint into the UK and France.
- 2024
ESPN BET becomes the first sportsbook with FedNow instant payouts (April 8). A sixth Global Gaming Awards payments win (February). FY2024 lands at $87B TPV, +54%, with net revenue of $239M.
- 2025
Next-gen Pay N Play with Azura debuts at ICE (January). Hard Rock Bet signs Trustly as exclusive pay-by-bank across eight states (March). Trustly ID and Scan & Pay launch.
- 2026
The Q4-25 report shows the return to growth (revenue +5% cc, TPV +31% cc, active users +26%) after a FY2025 of SEK 565M net loss on $100B+ TPV. The user base passes 120 million (April 7).
Where they're pushing next
- Regulated US states (own MTLs, RTP and FedNow payouts, land-based cashless)
- UK (Ecospend rails, HMRC-scale volume)
- France and recurring payments (SlimPay, announced 2023)
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Trustly vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| Attribute | Trustly | Zimpler | Brite Payments | Volt |
|---|---|---|---|---|
| Founded | 2008 | 2012 | 2019 | 2019 |
| Team | 900+ | 120+ | 160+ | 202+ |
| US market | Available | Restricted | Restricted | Restricted |
| Pricing | On request | On request | On request | On request |
| Methods | 1+ | — | 1+ | — |
| Currencies | 13+ | — | — | — |
| EMI / PI licenses | Sweden, UK | Sweden, Brazil | Sweden | UK, Poland |
| Settlement | — | — | — | Instant over domestic instant rails, with balances visible in Volt Accounts since February 2026 |
| Instant payouts | Yes | Yes | Yes | Yes |
Settlement & commercials
Trustly prices per deal, so exact figures land in the contract rather than on a public rate card.
A failed-ACH fee can land on the player in some US flows. Trustly Pay and Guaranteed ACH shift ACH return risk to Trustly, Available Funds Guidance reduces failed payouts, and the VIP risk engine approves deposits up to $1M.
The deal
Money movement
Onboarding path
- 1Contact Trustly's enterprise sales team
- 2Clear merchant KYB, with your operator licenses per market as the entry ticket
- 3Map your markets against the product footprint: Pay N Play in SE/FI/EE/NL, payouts across 30 European markets, and the roughly 36 US states with money transmitter licenses
- 4Scope the build against the public docs at docs.trustly.com, choosing the hosted checkout widget or a direct API integration
- 5For US payouts, enroll on the instant rails (RTP and FedNow via the Cross River partnership) and negotiate Guaranteed ACH and Available Funds Guidance
- 6Go live per market and revisit terms as volume scales
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.