Following the completion of a $1.3 million funding round, TrueLayer has launched the private beta of its API platform that aims to connect FinTech applications with financial services institutions.

The platform gives developers an easy way to access the bank data they need (via the forthcoming PSD2 regulation) to build new apps and services. Financial providers and other regulated businesses will also be able to use the platform to drive their technology innovation.

The new solution aggregates a wealth of financial data into a single platform, alongside functionality that allows developers to ask for the consent they need to connect a customer’s bank information and transactions into their applications, while maintaining compliance with industry regulation.

TrueLayer has ensured that the new platform is compliant with the new rules set out by PSD2, which requires banks and financial institutions to allow third parties to access customer data. Furthermore, the EU General Data Protection Regulation (GDPR) requires businesses to gain informed consent from consumers in order to use their personal data.

FinTechs looking to build the next generation of applications will be able to manage user consent and offer detailed permissions so that customers can be specific when allowing access to their banking and financial data. The new API supports bank account verification, know your customer (KYC) processes and account aggregation, and also provides transactional data which can be used for credit scoring and risk management.

Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Our vision is to create cloud infrastructure that will allow banks to connect with applications and make their services available to innovative startups that are keen to reinvent the customer experience. Ultimately, it is also vital that the traditional banks open up their systems and become more agile – or they risk getting left behind – so the platform we offer is win-win.”

TrueLayer also announced today that it closed a $1.3 million funding round in late 2016, led by Connect Ventures. Other venture capitalists and angel investors that contributed to the round included Graph Ventures, and Tony Jamous and Eric Nadalin, the co-founders of Nexmo.

The TrueLayer beta service is currently available in the UK and the company has plans to cover other main countries in Europe later this year.

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