TrueLayer raises $70 million in Series D funding round

By Sunniva Kolostyak

Open Banking platform TrueLayer has secured $70 million in an investment round led by new investor Addition alongside previous investors, bringing the total raised to $142 million.

Alongside Addition, the Series D included backing from Anthemis Group, Connect Ventures, Moro Capital, Northzone and Temasek – as well as additional investors Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).

According to TrueLayer, the latest raise reflects the growing demand for Open Banking-based services and marks another significant milestone for TrueLayer on its mission to open up finance, building an Open Banking network that brings together payments, financial data, and identity to redefine how people spend, save, and transact online.

The new funding will be used to fuel global expansion and accelerate the development of premium Open Banking-based services that will continue to drive innovation and revenue growth for clients. It will also be used to expand TrueLayer’s engineering, product and commercial teams to meet the increasing global demand for its open banking platform.

Commenting, Luca Martinetti, Co-Founder and CTO at TrueLayer, said: “We have achieved this milestone thanks to the hard work of our stellar team. Bringing radical new products into the hands of consumers and businesses is incredibly exciting.”

“This new financial network we are building on top of open architectures has massive long-term implications for the whole FinTech ecosystem and we won’t compromise our vision in any way,” Martinetti said.

Francesco Simoneschi, CEO and Co-Founder at TrueLayer, added: “That is why it is so important to select investors that can help you to plan for the next 15 years, not the next 15 months.”

“The Addition team thinks very long term and it has been such a pleasure working together. They complement the incredibly strong group of experienced backers who align with our vision of how financial services are evolving.”

TrueLayer’s API-first platform accounts for more than half of all Open Banking traffic in the UK, Ireland and Spain, processing billions of pounds in payments. It powers services for some of Europe’s fastest-growing brands, including Revolut, Trading 212 and Payoneer. Over the past 12 months, the FinTech has expanded its services across 12 European markets, growing payment volumes by 600x, and added hundreds of new customers.

Als commenting, Lee Fixel, Founder of Addition, said: “TrueLayer is ideally positioned to benefit from the trends shaping the future of financial services as more and more companies embed digitally native payments into their platforms. We look forward to supporting the TrueLayer team as they scale their offering and drive continued innovation.”