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April 9, 2021updated 15 Apr 2021 9:47am

Open banking platform TrueLayer raises $70m

UK-based open banking platform TrueLayer has secured $70m in fresh funding through Series D investment round.

The round was led by new investor Addition. Existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek, also participated in the round.

Additionally, several individual investors also joined.

With the latest fundraise, TrueLayer has secured a total investment of $142m to date.

TrueLayer’s Future plans:

Founded in 2016, TrueLayer platform helps enterprises and fintech firms in creating smarter financial services. It counts several fastest-growing brands such as Revolut, Trading 212 and Payoneer as its clients.

TrueLayer’s API-first platform reportedly accounts for more than half of all open banking traffic in the UK, Ireland and Spain.

The company plans to use the new proceeds to support its global expansion and further develop open banking-based services. TrueLayer is said to have expanded its services across 12 European markets in the last 12 months.

It also plans to use a portion of the funding to strengthen engineering, product and commercial teams.

Quotes:

TrueLayer CEO and Co-Founder Francesco Simoneschi: “When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more.

“We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking based payments quickly becoming the new normal.”

In September last year, TrueLayer raised $25m in a Series C funding round.

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