London-based TrueLayer believes that open banking should be the default way to save money safely and instantly. Operating with this objective, the fintech startup makes it easy to integrate financial services such as open banking into any website or app.
Secures extension to Series C funding
In a recent development, TrueLayer announced that it has secured an additional $25M (nearly €21.35M) investment, under its Series C funding from existing investors including Northzone, Anthemis Group, Tencent, and Temasek. This takes the overall funding raised by the company to $75M (nearly €64M) funding.
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With this investment, TrueLayer intends to take the next steps towards realising its mission and enable businesses to leverage the benefit of financial technology. Also, according to the company, this funding will enable it to continue building financial connectivity, which is open to everyone.
Also, the London fintech startup is looking forward to expanding across three continents in the coming years. It also wants to innovate the core open banking infrastructure to provide new services for customers such as e-wallets and payouts.
Fosters financial innovation
Founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer claims to be one of the first companies in the UK to be authorised and registered by the FCA (Financial Conduct Authority) to provide account information and payment initiation services under open banking. It, currently, claims to account for over half of all open banking traffic in the UK.
During the period between March and July this year, the use of payment initiation, enabled by TrueLayer’s Payments API, witnessed a whopping growth of 832%. This was possible as consumers paid for services and goods online during the lockdown caused by the COVID-19 crisis.
Last year, this fintech partnered with other notable names such as Nutmeg, Freetrade, and Revolut to deliver open banking capabilities to millions of customers in Europe. TrueLayer has also scaled its commercial, design and engineering teams, and opened a new office in Milad, to keep up with increased demands.
Main image picture credits: TrueLayer