TrueLayer raises $25 million in Series C funding round

By Sunniva Kolostyak

Open Banking solutions provider TrueLayer has secured an additional $25 million in funding under its Series C round, bringing the total raised by the FinTech to $72 million.

The funding was raised from existing investors, including Anthemis, Connect Ventures, Northzone and Temasek.

Commenting on the raise, Francesco Simoneschi, CEO and Co-Founder of TrueLayer, said the funding will support the FinTech on its journey to open up financial infrastructure and enable access in new geographies and across new industries.

“It is an exciting time as TrueLayer continues to grow. We’re expanding our engineering, design and commercial talent, and gaining new clients in banking, wealth management, trading and iGaming.

“However, there’s still much more to achieve to ensure payments are fast, secure and cost-effective for everyone, everywhere. With the interest we are seeing in our platform outside of traditional financial services, TrueLayer can become a driving force that supports any organisation to foster financial innovation, and introduce services that remove barriers to inclusion and reduce friction for customers,” Simoneschi said.

TrueLayer became one of the first UK companies to be authorised and registered as a payment institution by the Financial Conduct Authority (FCA) to provide account information and payment initiation services under Open Banking and PSD2. Four years after its launch, it is now accounting for more than half of all Open Banking traffic in the UK.

Earlier this year, TrueLayer launched its services to France, Italy, and Spain, and partnered with companies including Revolut, Nutmeg, and Freetrade. Between March and July this year, it has seen the use of Payment Initiation, enabled by its Payments API, grow 832 per cent as consumers paid for goods and services online during the lockdown period.

TrueLayer launched an Insights API for automated data analysis to help firms build a more accurate picture of their users’ financial behaviours. In June, the company’s payments API was approved by the UK Government’s Crown Commercial Service, removing the need for credit or debit cards to support faster and cheaper payments within the public sector.

In a blogpost, Simoneschi added: “This funding will enable us to continue building financial connectivity that’s open to everyone, powering the development of new financial services in new geographies, and giving people more control over their financial lives.”