Dublin was chosen as a destination, Truelayer says, owing to its budding position as a global centre for financial services innovation, thriving technology scene and ready access to tech talent.
Open banking infrastructure provider TrueLayer has been authorised by the Central Bank of Ireland (CBI) as a payments institution and launched a new European headquarters in Dublin as it gears up for further growth on the continent.
Becoming a recognised payments institution means the company can offer payment processing services.
Truelayer, which has an overall corporate headquarters in London, will see former WhatsApp and Facebook executive, Joe Morley, TrueLayer’s vice president and general manager for Europe and its newly appointed chief operating officer for Europe, Leigh-Anne Cotter lead the Dublin base.
In Europe, it says it now offers more than 90 per cent coverage of all major European markets and accounts for more than half of all open banking traffic in the UK, Ireland and Spain.
The choice of Ireland for its European HQ was in part motivated by Dublin’s growing status as both a financial and tech hub.
“Ireland has become the EU’s fintech centre of choice with the likes of Coinbase, Stripe, Remitly, Square and our clients, including Paysafe and Payoneer being based here. We are excited to be joining them, making Dublin our home from which to accelerate our European expansion and deliver our market-leading open banking services to banks, fintech firms and ecommerce platforms across the continent,” said Morley.
“The Irish domestic market is also evolving rapidly with our clients such as Revolut having rapidly established an impressive user base, he added.
TrueLayer has expanded its services across 12 European markets, growing payment volumes by 600x, and adding hundreds of new customers across banks, fintech firms, ecommerce, trading, wealth management and iGaming.
Francesco Simoneachi, CEO and co-founder of TrueLayer added that the company has been searching for a European HQ and wanted a location that "mirrored much of what made the UK such an exceptional base for us - a strong regulator, in an established global financial services centre that embraces fintech and digital innovation".
"Ireland was ideal, with the CBI’s regulatory regime broadly similar to the UK, and Dublin being a thriving centre for payments and ecommerce. The city has built an incredible reputation for financial services and offers the talent across engineering, product and payments that we will need to support our ambitious growth plans," he added.