TrueLayer, a fintech platform, raised $70 million in Series D investment to construct an open banking network. It’s a model in which banks give up their interfaces for application programming to third parties in order for them to develop new applications and services. TrueLayer, a London-based company, was founded in 2016 by Francesco Simoneschi and Luca Martinetti with the goal of creating financial apps that connect to bank data, authenticate accounts, and access transactions in real time.
According to Simoneschi their goal is to create a network that combines identification, payments, and financial data to completely reimagine how individuals spend, save, and trade online. We began staring at how to obtain access to all of the APIs, but banks all had various interfaces and there were no norms, Simoneschi explained.
So we set about establishing a new financial network that software developers could create the next generation of services on top of. Open banking is about providing better, quicker, more secure, and equitable means of transacting for digital business, according to the statement. One of those solutions evolved into TrueLayer’s newest product, PayDirect, which competes with credit cards by offering consumers a reduced fraud method to deposit money and pay for products with one-click verification.
Existing investors Mouro Capital, Anthemis Group, Connect Ventures, Northzone, and Temasek, and a number of individual investors, such as Zack Kanter, Daniel Graf, Surojit Chatterjee, Visionaries Club, and David Avgi, joined new investor Addition in leading the round. The Series D takes TrueLayer’s total investment to date to $142 million. A $25 million Series C expansion round of capital was secured by the business seven months before.
According to Simoneschi, TrueLayer’s technology has experienced significant growth and now handles more than half of all open banking transactions in the United Kingdom, Ireland, and Spain. The business has grown across 12 European regions in the last year, increasing payment volumes by 600 times and gaining hundreds of new clients. On the strength of it, he said, TrueLayer increased its employees.
He said that we want to address complex consumer issues, therefore we want to take use cases one by one and industry by industry, like we did with PayDirect, to construct layers of products made possible by the open banking network we are building. We are involving the corporation in more shows abroad. We will keep doing it because, in our opinion, Europe is headed in the same direction that the United Kingdom was six months ago.
