Open Model with High Engagement
Trustpilot's open platform continues to grow in engagement, attracting millions of consumers every month, and making it a go-to destination for reviews.
TrustPilot: Trust the Reviews
Trustpilot: A high-ROI, SaaS-driven solution fostering brand credibility and trust with blue-chip clients.
LON:TRST
GBp205.40-1.53%
Updated: Sep 16, 2025
BLT (Business Services, Leisure, Travel)
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Bull & Bear Case
An overview of the main reasons to invest and the key risks involved.
Bull Case
Recurring Revenue from Enterprise Clients
The company's SaaS model provides stable and scalable revenue, with large enterprise customers expanding their usage.
AI-Driven Innovation
Investment in AI tools enhances Trustpilot’s ability to scale its offerings and improve the accuracy of its review system, driving operational efficiency.
Bear Case
Regulatory Risks
Increasing data privacy regulations and consumer protection laws could impact Trustpilot’s operational flexibility, especially in Europe and the US.
Competitive Landscape
New and existing competitors in the review platform space could erode Trustpilot’s market share, particularly if they offer similar services at lower prices.
Dependence on Enterprise Growth
Although Trustpilot has seen success in enterprise markets, it remains vulnerable to slower-than-expected adoption among large businesses or economic downturns that may reduce corporate marketing budgets.
Executive Summary
Trustpilot: Empowering Trust and Driving Scalable Growth
Trustpilot is a global review platform where consumers share experiences and feedback about businesses across various industries. By fostering transparency and trust, Trustpilot empowers companies to attract customers, improve services, and strengthen their reputations. With 330 million reviews, over 60 million monthly users, and growing enterprise adoption, it operates on a scalable subscription-based SaaS model, ensuring consistent value for both consumers and businesses.
Investors looking at Trustpilot should note its strong growth trajectory in both consumer and business engagement, its scalable SaaS model, and the network effects it benefits from. The company has made significant strides towards profitability, with H1 2025 revenue up 23% YoY, ARR rising 29% to $273m, and net dollar retention improving to 103%. Its strategic focus remains on international expansion, product innovation, and driving customer retention
Investment Thesis
Overview of buy and sell case of the business.
Why Invest?
Key pieces of information about the business that you need to know about.
Open, Consumer-Centric Platform
Trustpilot's unique open model enables anyone to review a business without requiring the company's consent, fostering unparalleled transparency and trust. This approach distinguishes it from more restrictive platforms, attracting 60 million monthly active users. With 330 million reviews and over 60 million monthly users across 121,000+ active businesses, Trustpilot continues to expand its global presence and influence
With nearly a third of a billion reviews, a substantial competitive moat has been created for Trustpilot as it would take years for a competitor to even get close to this number. The number of reviews gives Trustpilot access to many data points, allowing the company to look for patterns in unauthentic reviews.
AI Innovation and Operational Efficiency
Trustpilot harnesses newly upgraded AI models for fraud prevention, content moderation, and automated review responses, ensuring review authenticity while enhancing user trust and operational efficiency. In H1 2025, 8% of all reviews submitted were removed as suspicious (vs 7% last year), and enforcement handling times were reduced by 63% through AI-powered efficiencies. By investing in innovation, Trustpilot drives higher engagement, strengthens its network effects, and supports long-term growth through improved customer retention and new client acquisition.
SaaS-Driven Revenue Growth
Trustpilot's scalable subscription-based SaaS model drives recurring revenue, with enterprise clients like Barclays, Boots, Lindt and Vimeo leveraging its automation tools, benchmarking capabilities, and trusted brand licensing to build credibility. This resilient model, bolstered by increasing consumer trust and rising review volumes, ensures strong revenue visibility and high scalability
Catalysts
The key events that could drive investment opportunities and shift markets.
Increased Customer Retention and Upselling
Supported by new product features such as Review Follow-up (with 60% consumer response rate) and Visitor Insights, which are driving stronger enterprise adoption and a 103% net dollar retention rate.
AI and Fraud Detection Enhancements
Trustpilot’s AI-driven fraud detection and moderation improvements will enhance platform integrity and trust, attracting more consumers and businesses to the platform.
Strategic Enterprise Expansion
Record enterprise wins (Barclays, Boots, Lindt, Vimeo, Experian) and stronger performance in Germany and Italy highlight Trustpilot’s expanding footprint.
Increased Subscription Sales to SMBs
As Trustpilot improves its product offering, the company could see a higher adoption rate from small and medium-sized businesses, further diversifying its revenue streams.
Global SaaS Leadership
Trustpilot’s ongoing investment in AI and enterprise solutions positions it to become the leader in the trust economy SaaS market, generating significant recurring revenue.
Expansion of Market Reach and Adoption
Trustpilot’s ability to serve a wide variety of industries (e.g., fintech, utilities, parcel delivery) in over 100 countries offers long-term growth potential, as consumer reviews become an ever more critical tool for businesses.
Key Risks
Key pieces of information about the business risks that you need to know about.
Competitive Pressure from Emerging Review Platforms
Trustpilot faces competition from other review platforms, many of which are backed by large tech companies with significant resources. The rise of niche, localized review platforms could dilute Trustpilot’s market share, especially in enterprise markets where businesses have a variety of options.
Regulatory Scrutiny and Data Privacy
As a platform that collects large amounts of personal data, Trustpilot is subject to data privacy and consumer protection regulations. The company continues to support and engage with regulators in the UK, EU, and US, including the new Digital Markets, Competition and Consumers Act (DMCCA) in the UK. Any tightening of these laws could result in higher compliance costs or limitations on its business operations, particularly in regions like the EU and US, where data protection laws are stringent.
Platform Integrity and Content Moderation
Trustpilot’s business model relies heavily on the integrity of its user-generated reviews. In H1 2025, AI-driven integrity upgrades applied across all reviews (past and present) improved fraud detection and moderation. If AI tools fail to effectively prevent fraudulent reviews, or if the platform faces security breaches, consumer trust could erode. Continuous investment in fraud detection and moderation is necessary to mitigate these risks.
Follow the Experts
Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.
Expert Insights
article
" Trustpilot’s shares have now more than doubled in the past year, making the company one of the best performers on the FTSE 250 index"
Expert Insights
article
“Review generation should be a foremost part of any marketing strategy, no matter how big or small the company”
Expert Insights
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"The rise of generative AI leaves consumers and companies like Trustpilot with an increasingly serious problem: filtering out fake reviews and identifying real opinions by real consumers."
Investor Materials
Access the most recent investor updates published by the company.
Key Documents
H1 2025
ArticleAnnual Report 2024
PDFHY24 Presentation
PDFPress Releases
Trustpilot unveils new features to help businesses leverage consumer insights and drive growth
ArticleTrustpilot unveils new features to help businesses leverage consumer insights and drive growth. Learn more.
Trustpilot announces TrustLayer™ at HumanX to redefine trust in the AI era
PDFBusinesses say online reviews vital to boosting growth in UK economy
PDFExternal Insights
A curated collection of third-party content relevant to the company and sector to help inform your investment decision.
AI
Total Economic Impact™ Study finds 401% ROI for Companies Using Trustpilot
Article/PRNewswire/ -- Trustpilot, the global independent review platform, today unveiled the findings of its 2024 Total Economic ImpactTM (TEI) study. The...
Team
Meet the experienced professionals leading our organization
Adrian Blair
Hanno Damm
Carolyn Ryan
Dave Williams
What the Pro's Are Asking
Here are the questions that professional investors are asking before making an investment decision.
What is Trustpilot's market opportunity?
Trustpilot estimates its total serviceable market at about $19 billion, with current penetration close to 1%. The company's sector-agnostic approach gives it a larger addressable market compared to sector-specific platforms.
How does TrustPilot address the issue of fake reviews?
Trustpilot uses a combination of algorithms, AI and human intervention to reduce the number of fake reviews on the platform. Automated fraud detection software is in operation 24/7. The algorithms examine a broad range of patterns and filter out reviews with a high fake score. In 2023, the company reported removing 3.3 million fake or harmful reviews from its platform which is only c.6% of the total reviews that year. The company employs both automated fraud detection software and manual review processes.
When did Trustpilot go public and how successful was its IPO?
Trustpilot went public in March 2021 on the London Stock Exchange. The IPO raised £473 million (approximately $665 million), making it the largest IPO on the LSE in nearly a decade at that time.
Is Trustpilot competing against Google?
No, Trustpilot and Google Reviews serve different purposes and cater to distinct market segments, making them complementary rather than direct competitors. Google Reviews primarily benefits local businesses by enhancing their visibility in local search results and Google Maps, which is crucial for attracting nearby customers. In contrast, Trustpilot is more suited for online businesses and e-commerce platforms, offering a dedicated review management system with advanced features like review invitations and analytics.
While both platforms allow customers to leave feedback, their core functionalities and target audiences differ significantly, allowing them to coexist in the review ecosystem without directly competing for the same user base or business types.
What are the key risks to Trustpilots' business model?
Key risks include the potential manipulation of reviews, which could damage the platform's credibility. However, as discussed previously Trustpilot is able to detect patterns in unauthentic reviews and, using both automated fraud detection software and a manual review process, remove them (the company removed 6% of all reviews in 2023 for example). Additionally, the company faces challenges in maintaining trust while monetizing its services.