Swedish fintech Trustly to cut around 200 jobs
Swedish fintech Trustly is cuttingaround 200 jobs, around a quarter of its overall headcount, as it looks to streamlineits operations and focus on key areas of the business, it said.Trustly, which is ...
Swedish fintech company Trustly is reducing its workforce by around 200 employees, comprising nearly a quarter of its total headcount. The company, which backs BlackRock and has secured over $400 million in funding, aims to streamline its operations and concentrate on key areas. Trustly utilizes open banking technology to facilitate direct payments from customers' bank accounts, bypassing the need for cards or apps.
The reduction in jobs primarily affects teams in Brazil. The announcement comes after Trustly lost significant revenue due to the departure of two major clients, although those clients have since returned. Trustly's services are utilized by thousands of merchants globally, including Alibaba, PayPal, and Wise. The company, with over 800 employees, is headquartered in Stockholm and maintains offices in major cities such as London, Helsinki, Ottawa, and San Carlos. Trustly's CEO, Johan Tjärnberg, informed staff about the job cuts through an email.
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