By Aisling Finn on Tuesday 21 September 2021
Responsible for more than half of all open banking traffic in the UK, TrueLayer hopes the new funding will help grow that base even further.
The financial API provider today raised a $130m funding round, led by New York-based Tiger Global Management LLC and with participation from existing investor, and fellow fintech, Stripe.
As well as closing its first ‘mega round’, TrueLayer has also seen its valuation leap to a post-money valuation of more than $1bn.
“TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user-friendly experience that also improves conversion and delivers higher revenues for merchants,” Francesco Simoneschi, CEO and co-founder of TrueLayer, said.
“There is an opportunity to rewire the financial system from the ground up and we are leading that evolution through open banking payments. Our investors have seen the impact TrueLayer is having by empowering important sectors, from eCommerce platforms and marketplaces, banks, through to trading and investment firms.”
In 2021, TrueLayer processed billions in payments, experienced 400 per cent growth in monthly payment volume and 800 per cent growth in monthly payment value, as well as doubling its customer base.
Across the UK and major European markets, TrueLayer boasts over 95 per cent coverage and accounts for more than half of all open banking traffic in the UK, with the new funding being used to expand its coverage even further.
TrueLayer will also use the fresh cash for geographical expansion, growing its engineering, product and commercial teams across its global offices.
“I’m incredibly proud of how we’ve built the firm, with a focus on quality engineering and user experience aligned to product development that delivers the best possible services,” Luca Martinetti, co-founder and CTO at TrueLayer, added.
“That is reflected in the thousands of developers using our services, the talent we are retaining and the calibre of leaders we’re attracting from world-class technology and fintech companies. It’s also reflected in the quality of our investors who believe in our ambition and are as excited as us about what comes next.”