Announcing our $25m fundraise to open up finance

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Francesco Simoneschi, CEO & CO-Founder
21 Sep 2020
Money moving upwards

We’re proud to announce that we’ve secured an additional $25 million investment, under our Series C, with participation from our existing investors.

This investment takes the total amount we’ve raised to $72 million and means we can take the next steps on our mission to enable businesses everywhere to benefit from financial technology.

TrueLayer makes it easy to integrate financial services like open banking into any app or website, anywhere in the world.

In 2018, we became one of the first UK companies to be authorised and registered by the Financial Conduct Authority (FCA) to provide account information and payment initiation services under open banking and PSD2.

Today, our platform accounts for more than half of all open banking traffic in the UK.

This funding will enable us to continue building financial connectivity that’s open to everyone, powering the development of new financial services in new geographies, and giving people more control over their financial lives.

Enabling financial innovation

We believe open banking should be the default way to move money, instantly and safely. This year we’re closer to making that a reality.

Between March and July alone, use of Payment Initiation, enabled by our Payments API, grew 832%, as consumers paid for goods and services online during lockdown.

We believe open banking should be the default way to move money, instantly and safely.

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Francesco Simoneschi, CEO & Co-founder

With the interest we are seeing in our platform outside of traditional financial services, TrueLayer is becoming a driving force that supports any organisation to foster financial innovation and reduce friction for customers.

The UK Crown Commercial Service has made TrueLayer an approved provider for example, and we’re excited about opportunities to transform payments and user experience in industries like igaming and online marketplaces.

In the past year, we’ve also expanded our platform across Europe and partnered with fintechs including Revolut, Nutmeg and Freetrade to deliver open banking capabilities beyond current account access, including account-to-account payments, to millions of European customers.

We’ve also invested in our platform, including the launch of our Insights API, which automates data analysis to identify patterns and trends, helping businesses to build a more accurate picture of their users’ financial behaviours.

At the same time, we’ve grown our team — scaling our commercial, design and engineering teams to meet the demand for our open banking platform — and we’ve opened an office in Milan.

Growing the open finance economy

It’s been a busy year for TrueLayer, but we’re just getting started. We can’t wait to see the open finance economy grow, as more and more businesses tap into financial technology to transform both their operations and their services.

TrueLayer is a driving force that supports any organisation to foster financial innovation

We look forward to expanding across three continents in the next few years, as well as innovating on top of core open banking infrastructure to provide new services for our customers, like payouts and e-wallets.

We are delighted and proud to team up again with such high profile global organisations and investors. It’s critical for us to have partners that are aligned with our long term strategy.

A big thank you goes to our incredible team, and, of course, to our valued customers.

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