Open Banking provider TrueLayer raises $25m in extra funding

By Oliver Smith on Monday 21 September 2020

Digital Banking

The group’s Series C takes its total raised to $72m.

Open Banking provider TrueLayer raises $25m in extra funding
Image source: Francesco Simoneschi/TrueLayer.

Fresh funding has been secured by financial API group Truelayer in a $25m Series C round led by its existing investors.

Anthemis, Connect Ventures, Northzone and Temasek joined the fintech’s latest raise, which CEO and co-founder Francesco Simoneschi said would be used to bolster TrueLayer’s “engineering, design and commercial talent”.

“Our vision when we founded TrueLayer, where Open Banking is the default pipe to move money, instantly and safely, is becoming reality. This raise will help us on that journey to open up financial infrastructure, and enable access in new geographies and across new industries.”

Simoneschi pointed to sectors like trading, where TrueLayer recently signed a partnership with Freetrade, and online gaming as two areas of growing interest for open banking APIs.

“With the interest we are seeing in our platform outside of traditional financial services, TrueLayer can become a driving force that supports any organisation to foster financial innovation, and introduce services that remove barriers to inclusion and reduce friction for customers.”

TrueLayer has signed a host of partnerships in recent months including with investment platform Nutmeg, international launches with Revolut, and Australian trading platform Stake.

Last week AltFi exclusively reported that TrueLayer’s commercial and operations chief Shefali Roy is departing, and the company is not currently looking to replace her.

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