Nadhim Zahawi MP with TrueLayer CEO Francesco Simoneschi.
Airwallex picks TrueLayer for open banking payments in Europe
A significant win for the European fintech, after a difficult 2022.
Open banking provider TrueLayer has secured a partnership to enable open banking payments in Europe for Airwallex, the global SME payments and financial infrastructure service.
The tie-up will start with Airwallex offering secure, instant account-to-account payments powered by TrueLayer to its clients across 15 European markets.
“We selected TrueLayer for its coverage and world-class open banking technology to further support our global customer base,” said Ryan O'Holleran, head of EMEA enterprise sales at Airwallex.
“Our integration will benefit our clients by providing them with the most innovative modern infrastructure to enable businesses of all sizes to grow beyond borders.”
Plus the deal cuts both ways, with TrueLayer also harnessing Airwallex’s global payments infrastructure and APIs to build several of its own new products and services.
“As our client base increases in sophistication and complexity, we want to collaborate with firms that complement our approach to payments. Airwallex is the perfect partner to support our mission to change the way the world pays,” said Jake Reeves, TrueLayer’s head of payment infrastructure.
Towards the end of 2022, TrueLayer announced job cuts of up to 10 per cent of its staff, following the “challenging market conditions” which impacted many fintechs and the open banking sector.
Airwallex had hurdles of its own last year, finally closing its $100m Series E extension albeit without the rumoured involvement of Visa and at a flat valuation of $5.5bn.