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TrueLayer to expand offerings with Visa partnership

European financial API provider, TrueLayer has reportedly entered into a strategic partnership with Visa in a bid to further its commitment to enhancing the FinTech industry.  As a part of the partnership, Visa also held minority stake in the supplier as a part of its $35 million Series C funding round in June, led by Temasek and Tencent.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said, “This relationship represents a huge step forward in the development of the Open Banking economy at a global scale. Visa has been the first ‘FinTech’ company to actually create a unique ecosystem and value chain among banks, merchants and their customers. We believe that Open Banking will follow a very similar playbook in the next decade and it is such a privilege to be able to learn and work closely with Visa’s team.”

The FinTech has offices in the U.K., Germany, France, Italy and Spain, and has recently expanded to Australia.

Mark Nelsen, SVP, Open Banking, Visa said, “As a global leader in payments, we continue to explore new opportunities for our clients and for the network. Our partnership with TrueLayer is another example of how we’re investing in companies that offer next-generation services, enabling innovation and convenience for clients and consumers alike.”

Founded in 2016 in London, TrueLayer builds universal APIs that allow companies to access their customers’ bank accounts to share financial data, make payments and validate their identity. It aims to enable companies to capitalize on new Open Banking initiatives in the UK, and the PSD2 rules by providing access to banking infrastructure.

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