By Aisling Finn on Thursday 15 October 2020
Customers will now be able to fund their investments in the Trading 212 app through TrueLayer’s financial API.
Investment app Trading 212 has integrated financial API provider TrueLayer’s open banking-powered technology to its trading platform.
The new integration will create a seamless investment experience for Trading 212’s customers, enhancing its commission-free investment platform for its 700,000 customers.
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “A new generation of investors are used to seamless digital experiences in every aspect of their lives, and now expect that in their financial services providers.”
“By integrating our open banking platform, Trading 212 has enhanced its offering to meet those expectations by offering its customers a dramatically improved account set up and funding experience, enabling them to invest with confidence.”
TrueLayer’s API will provide rapid identification and verification for Trading 212’s customers allowing them to connect their bank accounts to the trading platform and fund their account using Payment Initiation.
Nick Saunders, CEO of Trading 212, added: “The ability to fund accounts instantly and securely is critical for our users. TrueLayer enabled us to offer such experience even for bank deposits.”
“Our users no longer need to do manual wire transfers and wait a day or more before funds arrive in their Trading 212 account.”
The London-based fintech has cashed in on the investment boom that we experienced under lockdown, with the investment platform now managing over £1bn in client assets.
The open banking fintech also struck a deal with the government in June to enable TrueLayer to provide public sector organisations with its Payment Initiation Service (PIS) through the government’s Payment Acceptance Framework.