Growth
Trustpilot: Building integrity in a rapidly-changing environment
- Growth
- Testimonial
- 4 minutes read
Trustpilot is a fast-evolving, high-growth online platform that helps consumers to make informed choices, and businesses to build trust with their customers by engaging publicly with their feedback.
- Trustpilot's footprint has grown 10x in the last decade, requiring banking solutions that scale and a relationship that can keep pace with the business.
- Trustpilot has been an HSBC Innovation Banking client since 2013, starting with the company looking for a venture debt provider. In the years since, the range of support we provide has broadened significantly.
About Trustpilot
Over the last decade, Trustpilot’s operations have grown significantly, with a tenfold increase in revenue and international expansion across Europe, the US and Australia.
The platform helps businesses grow and improve by leveraging insights from customer reviews. Trust is at the heart of everything the company does. This ethos is reflected in Trustpilot's hiring practices and embedded into the values that the team lives by on a daily basis - always with integrity.
Hanno Damm, Chief Financial Officer, Trustpilot"In a time like today, where trust feels under attack and is, in the age of AI, more important than ever, we provide a really valuable service to both businesses and consumers."
An evolving partnership to meet shifting business needs
Trustpilot has been an HSBC Innovation Banking client since 2013, starting with the company looking for a venture debt provider. In the years since, the range of support we provide has expanded significantly.
Today, we offer banking services including bank accounts in multiple jurisdictions to manage the company's expanding footprint, foreign exchange, financing, liquidity management and investments. The revolving credit facility we provide has been particularly valuable in supporting Trustpilot's growth.
Our team's mantra is always to be one step ahead of our clients' needs, and we've followed this principle throughout our relationship with Trustpilot. This ensures we're always able to offer the right product at the right time, along with our expert advice and guidance.
Hanno Damm, Chief Financial Officer, Trustpilot"The team understands the business and they're always responsive ... They are looking to solve a problem and ... have always been there in difficult times when we needed something done urgently, and that's been great."
Supporting Trustpilot from startup to IPO and beyond
Like any growing business, Trustpilot's needs have evolved over time. In over a decade of working with them, we've seen them grow from startup to scale-up, through to listing on the London Stock Exchange. In this time, we've worked with the team through equity raises, their 2021 IPO and more recently share buy backs.
As with all businesses, there are always new challenges and opportunities for growth - and Trustpilot already has plans for the future. For instance, one of their unique advantages is the huge dataset of over 300 million reviews1 their users have helped build, which is not yet being monetised.
Trustpilot's focus has naturally shifted over the years. As they've navigated a challenging environment, the company has evolved from a high-growth strategy to a more balanced focus on efficient growth with improving profitability and margins. Through all this, we continue to provide whatever facilities they need.
Hanno Damm, Chief Financial Officer, Trustpilot"We've grown together in the relationship. HSBC Innovation Banking has always been able to offer us the product we needed at that right point in time ... We appreciated that very much. So we always felt supported, and it's a good relationship."
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