Rewiring global finance with open APIs

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Francesco Simoneschi, CEO & CO-Founder
8 Apr 2021
Money moving sideways

Over the past decade, digital commerce has exploded. The global pandemic has accelerated this trend, with millions of businesses and consumers transacting online out of necessity. This shift is changing finance as we know it, yet digital payments and banking infrastructure haven’t changed for decades.

Open banking has given us the opportunity to rewire global finance using modern APIs and open architecture – opening up access to financial data and creating new ways to pay and verify identity. 

Our mission at TrueLayer is to open up finance. We’re building an open banking network that brings together payments, data and identity to redefine how people spend, save and transact online.

We’re doing this in a way that puts customers at the centre, enabling the creators, the doers and the builders in every industry to reimagine finance and improve the fabric of our society. 

Today we announced that we have raised $70 million in Series D funding to help us accelerate the roll-out of our flagship open banking network and solve deeper, more complex problems for our customers.

This investment round was led by Addition and we welcome onboard Lee Fixel and his team. Several new investors such as Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS) joined the round along with all our major existing investors.

Finance is opening up

Luca and I founded TrueLayer in 2016 when open banking was just getting started. Today, there are more than 3 million users in the UK and at the current growth rate, 60% of the UK’s population will be using open banking by the end of 2023. When merchants offer open banking as a payment option, 1 in 3 customers choose it. 

Europe is only 6-12 months behind and open banking regulations have emerged or are emerging all around the world, including Australia, Brazil and Japan. The global value of open banking is predicted to reach $43bn in the next five years. It’s a joy to see our vision coming alive and to see open banking quickly becoming a new normal.

We now process more than half of the open banking volume in the UK, Ireland and Spain and over the past 12 months, we’ve expanded across 12 markets, growing by 600x. 

More importantly, we’ve earned the trust of hundreds of customers that are rethinking how finance should work, in areas like digital banking, ecommerce, trading, investment, crypto and remittance – from Revolut and Nutmeg to Trading 212, Stake and Payoneer.

The road ahead

We’ll be launching new open banking based capabilities this year and we’ll continue to expand our network, adding broader and deeper connectivity across Europe and beyond.

We believe that open banking is reaching maturity in several markets and the next phase is about solving bigger, more complex problems for our customers – layering value on top of the raw infrastructure. You’ll see us building more and more in this direction. 

Finally, I want to say a huge thank you to our team, our customers, our partners and of course our investors, for your continued support. We’re incredibly excited to continue on this journey with you, opening up finance for communities everywhere. 

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Hey, I'm Andy from TrueLayer, and I'm going to try and tell you everything you need to know about Pay by Bank—in just ninety seconds.  Let’s start the clock.  Let’s keep it simple. What is Pay by Bank? It’s a payment method that lets you pay directly from your bank account via your banking app—with zero need for card networks.  That could mean buying pizza, paying for flights, or just about anything in between. And it’s actually pretty easy—and very quick.  It looks a bit like this: start by tapping the Pay by Bank button, then choose your bank from the list.  If you’ve used it before, we can even preselect your preferred bank. You then review the payment, and you’re seamlessly redirected to your bank app to approve it using secure biometrics.  That’s Face ID or a fingerprint, to you and me. And that’s it—success. But no time to relax—we're on the clock!  Now, this might be the first time you’re hearing about it, but every month in the UK, 27 million payments are made using Pay by Bank. And most people who haven’t tried it yet say they’d be happy to—if given the option. On the merchant side, nine out of ten businesses are already planning to adopt it in one way or another.  So what’s in it for businesses?  Number one: more potential sales. No cards means no long card numbers, no clunky 3DS2—just a smoother experience from start to finish. And it converts.  Number two: because payment details are pre-populated and verified with biometrics, things like card-not-present fraud, chargebacks, and authorized push payment fraud are virtually eliminated.  Number three: lower costs. Without all the intermediaries and manual admin, the total cost of Pay by Bank is typically lower than card payments.  I'm running out of time—one last benefit: instant refunds. And trust me, shoppers love instant refunds.  And breathe. That was a lot to cram into ninety seconds.  If you’d like to take your time and learn more about Pay by Bank—and why brands like Just Eat Takeaway, lastminute.com, Ryanair, and Papa John’s already offer it at checkout—you can read our in-depth guide. There should be a link on screen now.  And that’s it. Thanks for watching.
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