Next chapter: investing $7.5m in our customers
TrueLayer has just raised a $7.5m round of financing led by Northzone!
This brings our total funding to $12M since we started building TrueLayer in late 2016. from Northzone is joining our Board, and we can’t wait to benefit from his experience! We also want to say thanks to and , from and , for their enduring commitment and trust in our vision.This is a big milestone for our team, and I wanted to take a moment to share my thoughts on TrueLayer and our plans for the future.2018 is going to be a transformative year for our company. We went from being a “long shot” idea to becoming an enabler, and an important catalyst in the transformation of this ecosystem in the PSD2/OpenBanking era.When we started in 2016, we saw a clear need for infrastructure for an industry that was taking shape and we saw ourselves delivering in three main directions:
- Building the connectivity rails of today and the infrastructure of tomorrow;
- Discovering use cases and bringing Bank APIs to the mainstream;
- Creating a safe and secure environment for our customers and end-users.
Global connectivityPSD2 is now a reality in Europe, and open banking is shaping up in many different countries — from the UK to Australia.
This is the most fundamental requirement if we want to enable startups to grow faster, as well as international companies to serve their extended customer base.TrueLayer has been involved since day one in creating standards such as Open Banking UK and providing feedback to regulatory bodies and industry initiatives such as the FCA and the Berlin Group. For as much as we like standardisation, we acknowledge that fragmentation will continue to be an issue for this industry and that the speed of innovation should go faster than pure compliance work. We continue to see a world where applications will use an array of different underlying technologies depending on their needs and use cases and we want TrueLayer to become the one-stop solution, abstracting this complexity away from the developers.For this reason, we are extending our coverage to the rest of Europe and beyond. Our commitment is to connect all PSD2 countries in the coming months and enable applications to easily scale across geographies.
As this industry progresses we continue to see fragmentation as the number one problem that TrueLayer will need to address in order to enable swift, easy and instant portability across geographies.
Use case driven APIs
While developers can build a broad range of applications on our platform, certain use cases are more common. Our Use Case APIs build upon the above products to offer more fully implemented functionality for a specific purpose, […], thereby saving developers significant time in building their applications.
Security and trustWe see ourselves as a B2C/Infrastructure player at the service of developers and innovative companies. As we see more applications going live using our API Platform, we realise that security and trust is the 'make-it-or-break-it' for open banking to become a ubiquitous and pervasive technology.
Many of our customers have come to appreciate the way we designed our security model and how this has helped them become compliant and trustworthy. It is now time to get the end-user to appreciate that and be able to easily recognise the applications that are handling privacy, security and compliance as first-class citizens.We want open banking to eventually become a mainstream rail used by millions of people around the world and to help our customers thrive in this brave new world. We think TrueLayer can make a key contribution to making this happen. Stay tuned for more exciting product announcements later this year.
In our early days, we stressed the security features of TrueLayer with all the developers we came across as we profoundly believed — and we still do — that security is the most important feature that we will never compromise on.