TrueLayer raises $130 mn to accelerate the adoption of open banking

By Joy Dumasia

TrueLayer, the global open banking pioneer, announced that it had closed a $130 million fundraising round, led by new investor Tiger Global Management LLC, the New York-based technology investor, with participation from global payments technology provider Stripe. The latest investment gives the business a post-money valuation of more than $1 billion.

The funding round is the latest milestone for TrueLayer in 2021. It follows the launch of its PayDirect solution, Verification API, and Payouts solution, receiving its full EU authorisation from the Central Bank of Ireland and establishing its European HQ in Dublin.

The raise reflects TrueLayer’s position as the market leader in open banking payments and the scale of its ambition to introduce a new global payment network, making instant and recurring payments available everywhere, in a few lines of code.

Millions of consumers and businesses use TrueLayer to pay for goods and services. Whether investing through Freetrade, banking with Revolut, buying or selling a car on Cazoo, or saving money with one of the UK’s largest loyalty card schemes, TrueLayer powers some of Europe’s most innovative brands. The new funding takes greater aim at opportunities in eCommerce to supercharge the mainstream adoption of open banking payments.

Francesco Simoneschi, CEO and Co-Founder of TrueLayer, said: “There is only so long that global business can rely on systems that are outdated, expensive and not fit for the digital age. TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user friendly experience that also improves conversion and delivers higher revenues for merchants. We are leading this innovation through instant deposits and withdrawals and merging Variable Recurring Payments and Direct Debit to build ‘account on file’ services on top of our open banking network. There is an opportunity to rewire the financial system from the ground up, and we are leading that evolution through open banking payments.”