Dear TrueLayer community,

It is with great pride that I reflect on 2024 and the strides we have made toward our vision to change the way the world pays. It was a year of strong commercial and product success, underpinned by growing financial performance. Critically, we further cemented our position as the Pay by Bank category leader and have emerged as Europe’s fastest growing payments network.

Today, almost 20% of the UK adult population is part of the TrueLayer user network - and that number is growing rapidly. We are leading a payment revolution that empowers businesses and consumers, giving them the choice and freedom to move away from legacy card payments that are slow and expensive to process.

2025 is even more exciting. With eCommerce adoption of Pay by Bank surging 5x year on year, and a wave of major brands going live every month, it’s clearer than ever that the checkout is undergoing a rapid evolution to incorporate Pay by Bank.

Unprecedented adoption and market leadership

Our key metrics from 2024 paint an exciting picture of our impact and reach:

• Total Payment Volume (TPV) soared to over $56 billion in the 2024 financial year - almost doubling year-over-year. We have continued to see acceleration in 2025, reaching a peak of over $10bn of monthly TPV in April 2025. This incredible growth demonstrates the scale at which businesses are now trusting and leveraging our technology for their critical payment needs.

• We processed 188 million transactions in 2024, almost doubling the volume from the previous year. In August 2025 we climbed to more than 300 million transactions on an annualised basis. This volume is another clear signal of the deepening market relevance and daily utility of TrueLayer’s services.

• In December 2024, over 10 million accounts were active within our user network, with monthly growth surpassing one million in H1 2025 and user network almost totalling 18 million by August 2025.

• We retain a strong market share. As of July 2025, we process more than 40% of all open banking payments in the UK, and hold dominant shares in key EU markets, ranging from over 90% in Ireland to approximately 65% in France.

Vision and Strategic Impact

Our strategic priority in 2024 was clear: bring Pay by Bank to eCommerce. The early results have been exceptional, with eCommerce payment transactions growing by 5x throughout 2024 alone. We went live with Ryanair and Lastminute.com, demonstrating the immediate and significant impact Pay by Bank delivers for large enterprise eCommerce merchants. In the food delivery and groceries sector, we have secured a category-leading position, processing millions of orders per month with merchants such as Just Eat Takeaway and Papa Johns.

The market has observed the successes of these early adopters, and the fast followers are rapidly coming on board. We have signed multiple major eCommerce merchants in 2025, with some of the largest companies on the planet now working quickly to integrate our Pay By Bank solution. We expect this momentum to further accelerate in 2026 and 2027; our research shows that 90% of merchants have Pay by Bank on their immediate roadmap or plan to add it soon, with 80% of those expecting to build within the next 12 months. Integrating technology to major enterprises with millions of customers is not easy, but over the course of the past 2 years we have perfected a scalable, repeatable playbook to work with multiple major brands to bring Pay by Bank to their checkouts. Consumer demand is equally compelling, as of July 2025 almost 30 million Pay by Bank payments were made in the UK, and nearly 2 in 3 shoppers now increasingly comfortable using it for online purchases.

Looking ahead, the regulatory and political landscape provides strong tailwinds. While Open Banking regulations created the foundational layer of technology that enabled this transformation, the initiatives around the UK National Payments Vision will bring this space to maturity- the UK’s National Payments Vision aims to make seamless account-to-account payments “ubiquitous”. The European Union is also pushing ahead with major reforms of payment regulation, to make payments faster, cheaper and more competitive. TrueLayer is uniquely positioned to lead this fundamental shift in payment behaviour by combining our market leadership, superior user experience, and partnerships with the world’s most influential brands.

I’m also pleased to acknowledge and congratulate the team on our relentless focus and push towards profitability. We have scaled volumes and revenue while simultaneously decreasing our burn rate by making our organisation slimmer and more efficient. We are now benefitting from years of investment in bank connectivity and foundational infrastructure, which are coming into fruition - enabling us to focus more on the checkout layer of our product.

With a top-of-the-class Net Revenue Retention of approximately 140%, and revenue growth of 63% in 2024, we expect efficient growth to further accrue as a foundational part of our business model.

We continue to invest heavily in growing the Pay by Bank network and expanding its utility. The TrueLayer network is a key USP for us - it provides merchants with higher conversion, lower fraud, and improved customer experience - while offering 90% returning user conversion and a 10% uplift for first-time users. We are innovating on payment capabilities in close collaboration with our customers in order to challenge traditional payment methods in almost every payment scenario: from subscription payments and one-click checkout, to in-store and credit enabled shopping.

We are truly at the forefront of the payment revolution, and we are leading the industry-wide shift to Pay by Bank. We are incredibly excited about the opportunities that lie ahead and are committed to continuing our trajectory of innovation and growth. Thank you for your continued trust and belief in our mission.

Sincerely,

Francesco Simoneschi