TrueLayer expands open banking platform to five new European markets

TrueLayer has expanded its open baking platform to five new European countries.

Unicorn TrueLayer lets fintechs connect with customers’ bank accounts using APIs.

As well as entering the new markets, the financial API provider says it has also added hundreds of new banks to its network after boosting connectivity in existing markets including the Netherlands and Spain.

The five new European markets TrueLayer has expanded its open banking data and payments services are Austria, Belgium, Denmark, Finland and Portugal.

TrueLayer says that more than half of all open banking traffic in the UK, Ireland and Spain is now being processed across its platform.

Highlighting the new markets, TrueLayer said merchants would now have access to account-to-account payments across Portugal’s 20 biggest financial institutions, 29 banks in Austria, 18 banks in Belgium and 50 in Denmark.

“Working with our clients expanding across Europe, we know how important high-quality connectivity is to harness the full potential of open banking." said Joe Morley, CEO Europe at TrueLayer.

In September last year, TrueLayer completed a $130m funding round, led by New York-based Tiger Global Management LLC and with participation from existing investors, and fellow fintech, Stripe.

The funding round meant that its valuation leapt to a post-money valuation of more than $1bn.