TrueLayer intends to expand its presence in Europe and enter the Australian market.
UK-based open banking API provider TrueLayer raised $ 70 million in a Series D funding round led by former Tiger Global venture capitalist Lee Fixel Addition. TrueLayer will invest in scaling its network.
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- TrueLayer allows fintech startups like Revolut and Freetrade to connect to their clients’ bank accounts. Thanks to the company’s API, application users can initiate payments directly from bank accounts, as well as view information about the balance and completed transactions.
- The company did not disclose information about financial data and capitalization of its business. The money received from investors will be used to expand TrueLayer’s offering internationally – first of all, the company plans to increase its presence in Europe, and then begin to roll out services in Australia. In the future, TrueLayer will also consider launching in the Brazilian market.
- TrueLayer processes more than 50% of the total volume of transactions through open banking channels in the UK, Ireland and Spain, according to the company’s own data. Over the past 12 months, it has entered 12 new markets, and the volume of transactions processed by it has grown 600 times.
- In Europe, TrueLayer competes with fintech startup Plaid, which raised $ 425 million in funding on Wednesday. Investors estimated the capitalization of Plaid at $ 13.4 billion.