TrueLayer gains $35 million investment
UK-based open banking fintech, TrueLayer, has gained $35 million in investment funding. This will be used in part to expand the three year-old company’s presence in continental Europe, reports Martin Whybrow.
The Chinese tech giant led the latest funding round.
Initial investors were Connect, Northzone Ventures and Anthemis Group. Leading the latest round of investment are Chinese tech giant, Tencent Holdings, and Singapore government-owned fund, Temasek. Northzone and Anthemis are also participating in the latest funding.
This makes the total funding raised by TrueLayer to date as roughly $41 million.
TrueLayer is one of a number of fintechs seeking to provide solutions to enable open banking, by connecting and consolidating data from multiple providers.
It has an API to access data from users’ bank accounts and cards. It also has a payments API to allow users to initiate payment transactions directly from their bank accounts and receive money instantly by an API call. The fintech claims connectivity for the UK, with Germany in beta, and France, Italy and Spain to follow.
TrueLayer is expected to use the funding to expand across Europe, with a goal of connecting most of the continent’s banks by the end of the year. Among its existing customers are Monzo, peer-to-peer lender, Zopa, and Experian-owned Clearscore, which gives UK customers free access to their credit scores and reports.
