TrueLayer raises $70m to grow Open Banking network

Open Banking platform TrueLayer has raised $70 million in a Series D funding round as the company advances with its ambition to build the world’s most valuable Open Banking network.

The round was led by new investor, Addition, with participation by existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek.

The investment brings the total raised since TrueLayer was founded in 2016 to $142m.

The company said the investment marks a “significant milestone” for the company’s ambitions to build an Open Banking network that brings together payments, financial data, and identity.

It will use the funding to fuel global expansion and accelerate the development of premium Open Banking-based services as well as expand TrueLayer’s engineering, product and commercial teams to meet increasing global demand for its Open Banking platform.

TrueLayer claims that its 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 with customers including Revolut, Trading 212 and Payoneer.

Francesco Simoneschi, chief executive and co-founder at TrueLayer said.“When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more. We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking based payments quickly becoming the new normal.”

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.