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Britain’s Visa and Mastercard rival TrueLayer secures £51M to expand internationally

Based out of London, TrueLayer is a fintech platform that’s building an open banking network that brings together payments, financial data, and identity.

Raised £51M

Recently, the company has raised $70 million (approx £51 million) funding in a Series D round led by new investor Addition. This brings the total funding raised to date to $142 million (approx £103 million). 

Other investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek, Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter), and David Avgi (ex-CEO SafeCharge, CEO UniPaaS), also participated. 

How will the funding be used?

The latest funding will be used to fuel global expansion and accelerate the development of premium open banking-based services. A part of the proceedings will be used to expand TrueLayer’s engineering, product, and commercial teams to meet the increasing global demand for its open banking platform.

Processes billions of pounds

Founded by Francesco Simoneschi in 2016, TrueLayer is on a mission to grow the open banking economy by creating a platform for companies to develop new financial services and products.

The UK company’s API-first platform accounts for more than half of all open banking traffic in the UK, Ireland, and Spain, processing billions of pounds in payments. The platform is used by some of the biggest names in fintech including, Revolut, Trading 212, and Payoneer.

With its platform, TrueLayer aims to undercut card networks like Mastercard and Visa by allowing fintech apps like Revolut and Freetrade to initiate bank transfers at much lower fees.

TrueLayer says it has expanded its services across 12 European markets, growing payment volumes by 600x, and adding hundreds of new customers over the past 12 months across digital banking, eCommerce, trading and investment, wealth management, crypto, and iGaming.

22% higher than others

According to OpenBanking UK and other bank sources, TrueLayer has a market-leading payment conversion rate that is 22% higher than other providers. Further, the report says the merchants offering TrueLayer as a payment method in their checkout have found that on average, 1 in 3 consumers chose to pay via TrueLayer.

The fintech company also launched PayDirect, which combines instant pay-in capabilities with instant pay-outs, to deliver a higher converting, lower fraud method for online payments.

“When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data, and much more. We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking-based payments quickly becoming the new normal,” commented Francesco Simoneschi, CEO and Co-Founder at TrueLayer.

We have achieved this milestone thanks to the hard work of our stellar team. Bringing radical new products into the hands of consumers and businesses is incredibly exciting,” explained Luca Martinetti, Co-Founder, and CTO at TrueLayer. “This new financial network we are building on top of open architectures has massive long-term implications for the whole fintech ecosystem and we won’t compromise our vision in any way.” 

“That is why it is so important to select investors that can help you to plan for the next 15 years, not the next 15 months,” added Simoneschi. “The Addition team thinks very long term and it has been such a pleasure working together. They complement the incredibly strong group of experienced backers who align with our vision of how financial services are evolving.”

Lee Fixel, Founder of Addition, commented: “TrueLayer is ideally positioned to benefit from the trends shaping the future of financial services as more and more companies embed digitally native payments into their platforms. We look forward to supporting the TrueLayer team as they scale their offering and drive continued innovation.”

 

The post Britain’s Visa and Mastercard rival TrueLayer secures £51M to expand internationally appeared first on UKTN (UK Tech News).

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