We're taking open banking payments mainstream

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Francesco Simoneschi, CEO & CO-Founder
20 Sep 2021
Money moving upwards

Consumers today expect to transact seamlessly. You can hail a taxi, trade stocks and even buy a car using your mobile phone, in a few clicks. Yet the payments experience is often fragmented and frustrating.

People find themselves endlessly typing in the 16 digits of their debit cards, trusting unknown websites to store their card details, deferring to credit cards for bigger purchases, and getting stuck in clumsy authentication loops.

Let's face it: card payments online are broken. They were designed for the physical world. As a result, the UX is bad, transactions are costly and there is a high risk of fraud. 

Mobile wallets like Apple Pay and Google Pay paper over some of those cracks, improving the experience for consumers, but they add more cost and complexity for merchants. 

But change is happening, driven by two key trends. Firstly, countries all over the world are embracing open banking – governments are driving change through regulation, enabling businesses to safely use a bank account to access data and make payments on behalf of a customer. 

Secondly, mobile phones make verifying identity as easy as glancing at a screen or using a thumbprint. As these trends converge, businesses can offer open banking payments which are secure, simple and instant.

All you need is a bank account.

A new global instant payments network

At TrueLayer, we're building a new global payments network, making instant and recurring payments available everywhere, in a few lines of code. 

Millions of consumers and businesses already use TrueLayer to pay for goods and services. Whether investing through Freetrade, banking with Revolut or buying a car on Cazoo, TrueLayer powers payments for some of Europe's most innovative brands.

In 2021 so far, we’ve processed billions of pounds in payments and seen 400% growth in monthly volume and 800% growth in monthly value, as we expand across Europe, doubling our customer base. 

Our merchant partners find that on average 1 in 3 people choose to pay straight from their bank account through TrueLayer when presented with a choice in payment methods – and some are seeing more than 70% of customers choosing to pay this way, shunning cards and digital wallets. 

These partners have seen the potential of open banking payments to be the new standard in online payments, delivering a fundamentally faster, safer and more convenient payment experience for consumers, while improving conversion, security and revenues for businesses.

What this funding means to us

This new funding will allow us to bring open banking payments to new businesses, supercharging mainstream adoption through industries like ecommerce and subscriptions. 

So that every consumer will know the ease of paying straight from their bank account. Instant payments. No cards. No registration. No hassle.

And more and more businesses will realise the benefits of better conversion, less fraud and more revenue. 

It means we can continue to innovate on top of open banking infrastructure, growing our engineering and product teams and creating more solutions like our payments APIs to meet the increasingly complex needs of our customers – from payouts, refunds and variable recurring payments to affordability checks and verification.

Thank you to our investors and our team

With this fundraise, I’m delighted to welcome two new investors to the TrueLayer family. Firstly, Tiger Global – a team with an incredible track record backing firms like Flipkart, Nubank and Square that are creating the platforms, distribution networks and services of tomorrow. 

I’m also incredibly proud to have a new partner like Stripe, a company we have long admired for its developer experience and focus on solving real world problems that deliver significant value to its customers. 

I’m looking forward to collaborating closely with both firms, and with our team, customers and partners – to deliver on our mission of opening up finance.

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