Trustly Appoints Payments Industry Leader Johan Tjärnberg as Chairman

Swedish online banking payments provider Trustly has tapped industry expert Johan Tjärnberg as Chairman of its Board of Directors, news emerged this week.

Mr. Tjärnberg is set to bring to Trustly’s Board extensive operational experience in the online payment services field and a proven track record of innovation within the rapidly growing industry.

Trustly’s new Chairman was the mastermind behind Bambora, an international payments processor for in-store and online retailers that was founded in 2014. Three years later, French-based company Ingenico acquired Bambora and appointed Mr. Tjärnberg as EVP Small and Medium Businesses. He later on served as EVP of Retail Business at Ingenico before announcing his departure not long ago.

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Founded in 2008 and now majority owned by Swedish private equity firm Nordic Capital, Trustly provides online banking payment services that can reach more than 600 million customers across Europe and North America. Its account-to-account solution enables consumers and merchants to carry out in and out payments from their bank accounts. Trustly is widely used by online gamblers from around the world to fund their casino and betting accounts directly from bank accounts with more than 6,000 banks.

News about the new appointment emerge shortly after Trustly merged with Silicon Valley-based online banking payments company PayWithMyBank to spearhead its US expansion where account-to-account payments have just begun cementing themselves a “compelling alternative to credit cards.”

New Chair Ideal to Guide Trustly in Becoming Global Leader

Commenting on the appointment of Mr. Tjärnberg as Trustly’s new Chairman, Nordic Capital Partner Fredrik Näslund said that he “has an incredible wealth of knowledge of the payments industry” and “valuable experience in building and scaling successful companies internationally”, which makes him ideal to “guide Trustly in becoming the global leader in account-to-account payments.”

Trustly CEO Oscar Berglund added that Mr. Tjärnberg’s “insights and expertise within the payments industry will make him a great asset to Trustly as we accelerate our development for our payments products to the benefit of our merchants and their customers.”

Of his appointment, Mr. Tjärnberg said that it is an exciting time to join the company given its rapid growth and that he truly believes in Trustly’s products, and is impressed by its “ability to innovate and adapt in an ever-changing payment landscape.”

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Trustly was engulfed in a bit of controversy late last year when reports emerged that Swedish fintech company Zimpler had filed a complaint against the payment services provider with the Swedish Competition Authority (Konkurrensverket).

Zimpler accused Trustly of entangling customers into exclusive contracts that prevent them from harnessing products from other companies operating in the field.

In its complaint, Zimpler said that it could provide evidence that Tustly prevented the fintech company from being able to partner Sweden-licensed online gambling operators and that such operators avoided teaming up with Zimpler out of concern that such partnerships would have a negative effect on their relationships with Trustly.

Trustly has been making waves in the Swedish iGaming space with its Pay N Play concept that enables players to start playing at online casinos right away without having to go through a lengthy registration process.

Source: Johan Tjärnberg appointed Chairman of the Board of Trustly

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