TrueLayer has secured an additional $25 million in a Series C funding round.

The Open Banking and payment initiation platform, founded in 2016, was 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 currently accounts for more than half of all Open Banking traffic in the UK.

The latest funding round included participation from existing investors, including Anthemis, Connect Ventures, Northzone and Temasek, bringing the total raised by TrueLayer to date to $72 million.

The London-headquartered company will use the money to continue its expansion into France, Italy and Spain, including partnerships with companies including Revolut, Nutmeg and Freetrade.

TrueLayer recently launched upgrades to its platform, including its Insights API, which automates data analysis to identify patterns and trends, helping 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.

Francesco Simoneschi, chief executive and co-founder of TrueLayer, commented: “This raise will help us on that journey to open up financial infrastructure, and enable access in new geographies and across new industries.

“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.”

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