By John Reynolds on Tuesday 29 October 2019
The tie-up will see Visa take a minority stake in TrueLayer.
TrueLayer, the London-based fintech, has struck a commercial and strategic deal with Visa, as it looks to grow Open Banking.
The deal will see Visa take a minority stake in TrueLayer, which creates APIs to access data from financial service providers and banks.
Visa has taken a minority stake in TrueLayer as part of its $35m (£27m) Series C funding round, which included funding from Chinese technology giant Tencent and Singapore government-owned fund Temasek.
The partnership will mean TrueLayer will be able to work with a large network of banks in helping them develop Open Banking- which means consumers can allow businesses, other than banks, to access their financial data.
Simoneschi said: “This relationship represents a huge step forward in the development of the Open Banking economy at a global scale.”
“Visa has been the first fintech company to actually create a unique ecosystem and value chain among banks, merchants and their customers. We believe that Open Banking will follow a very similar playbook in the next decade and it is such a privilege to be able to learn and work closely with Visa’s team.”
Mark Nelsen, SVP, Open Banking, Visa said: “As a global leader in payments, we continue to explore new opportunities for our clients and for the network. Our partnership with TrueLayer is another example of how we’re investing in companies that offer next generation services, enabling innovation and convenience for clients and consumers alike.”