BlackRock-backed fintech Trustly says IPO still at least one year out even as profits jump 51%

Swedish financial technology startup Trustly is holding off on an initial public offering (IPO), even after reporting strong financial results. The company’s CEO stated that they need more time to prove the value of their open banking technology to investors before going public. Trustly reported revenues of $265 million in 2023, with a 51% increase in operating profit. The growth was driven by the company’s US business, which saw significant expansion. Trustly provides an alternative to traditional credit card programs by allowing consumers to make direct payments to merchants’ bank accounts. The company expects to launch a new feature that allows merchants to set up recurring payments for their customers.