Open banking: Truelayer and Freetrade launch partnership

Digital wealth disruptor Freetrade has teamed up with financial API provider Truelayer to launch open banking within its app so users can fund accounts more quickly.  

Freetrade’s 200,000 customers will now, following the introduction of TrueLayer’s open banking data and payment APIs, be able to connect their primary bank account to its app, offering quick and secure funding using Payments Initiation. 

This will allow users to fund their accounts much faster and therefore be able to react more quickly to invest commission-free in stocks and ETFs available on the Freetrade platform.  

Fintechs focused on saving and investing have benefited during the coronavirus pandemic for two reasons. Lockdown prompted many, particularly young people, to re-engage with their financial lives. Secondly the March stock market crash and subsequent central bank induced rally invited strong interest from investors in ‘buying the dip’ in risk assets, particularly retail investors. 

Freetrade says the new open banking functionality will allow users to make more “timely investment decisions”. 

Adam Dodds, CEO of Freetrade, said: “Open banking integration is an essential step on our mission to get everyone investing, allowing customers to add funds seamlessly and with confidence. Partnering with TrueLayer, we’re pleased to be able to offer our customers a dramatically improved account funding experience." 

Francesco Simoneschi (pictured), CEO and co-Founder of TrueLayer, commented: “We’re delighted to work with an innovator like Freetrade, supporting it to continually improve its investment platform.