TrueLayer doubles down Down Under

By Aisling Finn on Wednesday 29 September 2021

Digital Banking

TrueLayer’s stronger position will enable it to further support both local clients in Australia and global players alike.

TrueLayer doubles down Down Under
Image source: Brenton Charnley/TrueLayer

 

Nearly a year ago, TrueLayer touched down in Australia, all the way back in October 2020, and has deepened its presence even further.

Now, the financial API provider has launched its global open banking platform in Australia following its accreditation as an unrestricted Accredited Data Recipient under the Consumer Data Right (CDR). 

TrueLayer’s local subsidiary will also become an authorised representative of Amplus Global Pty Ltd—something which the latter can do thanks to its Australian Financial Services Licence. 

To help the fintech on its growth journey, TrueLayer has also promoted former country head Brenton Charnley to CEO of Australia and New Zealand.

“We have built a solid foundation in Australia and now we’re ready to launch and accelerate our growth. We will deliver amazing open banking-powered customer experiences,” the incoming regional CEO said. 

“We’re proud to bring TrueLayer’s global know-how into the local market, in the right way and at the right time, to contribute to the overall success of the Consumer Data Right,” Charnley added. 

TrueLayer’s platform in Australia now has the ability to support both financial and non-financial firms in areas such as lending, wealth management, personal finance management, digital banking and eCommerce.

“What began in the UK and Europe has now been embraced by Australia through the CDR. Receiving our Australian accreditation is an important moment and reflects the hard work that Brenton and the team have put in to make it happen,” Francesco Simoneschi, CEO and co-founder of TrueLayer, said.

TrueLayer’s combination of a local presence with our international network means we can work with local firms and European businesses looking to launch in the country.”

The news of TrueLayer’s Australian expansion comes just a week after it announced its first mega raise—to the tune of a $130m capital injection from New York-based Tiger Global Management and fellow fintech, Stripe.

As well as closing its first ‘mega round’, TrueLayer also saw its valuation leap to a post-money valuation of more than $1bn.

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