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.”

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