Fintech start-up TrueLayer closes $1.3m funding round

By Lisa Walls-Hester on Friday 17 February 2017

Digital BankingAlternative Lending

London-based Fintech firm, TrueLayer, has closed a $1.3m seed funding round led by Connect Ventures with participation from US-based Graph Ventures. Investment has also come from angels including Nexmo Co-Founders, Tony Jamous and Eric Nadalin.

TrueLayer is working on a platform which makes it easier for FinTech startups and developers to access data and details from mainstream financial service providers and banks.

Recently launched in beta, the technology could prove a key part of the new generation of financial apps, such as money management and payment services, which pull data from their user’s different accounts and banking services.

Pietro Bezza, managing partner at Connect Ventures, said: “Technology is transforming banking – but so far we’ve only scratched the surface in terms of what’s possible. FinTech developers need the right tools in order to innovate and that’s what TrueLayer provides.”

Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Consumer choice is shifting from banks to banking. Our vision is to create cloud infrastructure that will allow banks to connect with applications and make their services available to innovative startups that are keen to re-invent the customer experience.”

“Ultimately, it’s also vital that the traditional banks open up their systems and become more agile, or they risk getting left behind, so the platform we offer is win-win.”

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