London FinTech startup TrueLayer raised $70 million in a Series D funding round led by new investor Addition, as well as existing backers Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek.
Additional investors include Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).
“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,” Francesco Simoneschi, CEO and co-founder at TrueLayer, said in a press release on Thursday (April 7).
The new infusion of capital will help the London startup advance the international expansion of its open banking-based network and introduce new products. TrueLayer is striving to develop an open banking network that streamlines payments, financial data and identity. The funding will also be used to expand TrueLayer’s engineering, product and commercial teams.
Over 50 percent of open banking traffic in the U.K., Ireland and Spain is handled by TrueLayer’s API-first platform, the company said. Its customers include Revolut, Trading 212 and Payoneer. TrueLayer’s payment conversion rate is 22 percent higher than other providers, according to OpenBanking U.K. and other bank sources, per the press release. It’s also up to 40 percent higher than cards.
TrueLayer has expanded its services across 12 European markets over the past year, grown payment volumes by 600x, and attracted new users in a number of verticals — digital banking, eCommerce, trading and investment, wealth management, crypto and iGaming.
“We have achieved this milestone thanks to the hard work of our stellar team. Bringing radical new products into the hands of consumers and businesses is incredibly exciting,” explained Luca Martinetti, co-founder and CTO at TrueLayer. “This new financial network we are building on top of open architectures has massive long-term implications for the whole FinTech ecosystem, and we won’t compromise our vision in any way.”
“That is why it is so important to select investors that can help you to plan for the next 15 years, not the next 15 months,” added Simoneschi.
In a PYMNTS interview in January, Ossama Soliman, chief product officer at open banking provider TrueLayer, said that the payments landscape has become a crowded space, making it more important than ever for new players to stand apart.
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