TrueLayer scoops $70m as it eyes open banking domination

Open banking has been the topic on fintech’s lips recently and TrueLayer’s latest fundraising is a testament to its popularity. 

The financial API provider secured a $70m Series D funding round, which was led by new investor Addition, bringing its total raised to date to $142m.

Existing investors also took part in TrueLayer’s latest raise, with the fintech seeing participation from Anthemis Group, Connect Ventures, Northzone, Temasek and Santander’s fintech investment arm Mouro Capital.

TrueLayer will use the fresh capital to accelerate its global expansion plans, as well as develop its premium open banking services and drive innovation within the sector.

Some of the funds will also go towards expanding TrueLayer’s engineering, product and commercial teams.

“When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.

“We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking based payments quickly becoming the new normal.” 

Over the last year, TrueLayer has expanded into 12 new European markets, grown payment volumes by 600 times and added hundreds of new customers across digital banking, eCommerce, trading and investment, wealth management, crypto and iGaming.

“We have achieved this milestone thanks to the hard work of our stellar team. Bringing radical new products into the hands of consumers and businesses is incredibly exciting,” added Luca Martinetti, co-founder and CTO of TrueLayer.

“This new financial network we are building on top of open architectures has massive long term implications for the whole fintech ecosystem and we won’t compromise our vision in any way.” 

As well as launching in new markets, TrueLayer also launched its own payment method, PayDirect, earlier on this year. 

PayDirect helps firms to streamline their payments processes in just a matter of minutes, using open banking tools such as account verification, instant account funding through open banking, instant withdrawals and instant refunds.

TrueLayer has also been on a partnership spree as of late, teaming up with micro-investment platform Wombat Invest just last week to enable instant open banking deposits for its customers and, more recently, digital pension provider Penfold.