TrueLayer Secures $70M in Series D Funding

TrueLayer, a London, UK-based open banking platform, secured $70m in Series D funding.

The round, which brings the total investment to date to $142m, was led by new investor Addition with participation from existing investors Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek, as well 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).

The company intends to use the funds to accelerate global expansion and the development of premium open banking-based services and to expand its engineering, product and commercial teams.

Led by Francesco Simoneschi, CEO and Co-Founder, and Luca Martinetti,  Co-Founder and CTO, TrueLayer provides an open banking platform for users to create products that bring together payments, financial data, and identity to redefine how people spend, save, and transact online.

Over the past 12 months, the company has expanded its services across 12 European markets, and adding hundreds of new customers across digital banking, eCommerce, trading and investment, wealth management, crypto and iGaming. It has continued to innovate, for example, with the recent launch of PayDirect, combining instant pay-in capabilities with instant pay-outs, to deliver a higher converting, lower fraud method for online payments.

TrueLayer’s API-first platform accounts for more than half of all open banking traffic in the UK, Ireland and Spain, processing billions of pounds in payments. It powers services for such brands as Revolut, Trading 212 and Payoneer.