UK Open Banking platform TrueLayer has raised $70 million in a Series D fundraising round.
The round was led by new investor Addition and included participation from a list of well-connected angel investors. It brings the company’s total fundraising to $142 million. Existing investors, including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek, also participated.
Founded in 2016 when Open Banking was just getting started, the company today processes more than half of the Open Banking volume in the UK, Ireland and Spain. Over the past 12 months the firm has expanded across 12 markets, growing payment volumes by 600%.
In January, TrueLayer launched its first payments product, providing firms with the ability to onboard customers and bypass card schemes using faster payment rails for account-to-account payouts and deposits.
Open Banking is set to extend its reach into new financial products under the umbrella term Open Finance, creating plenty of opportunities for growth says Francesco Simoneschi, TrueLayer CEO and co-founder.
“We’ll be launching new Open Banking based capabilities this year and we’ll continue to expand our network, adding broader and deeper connectivity across Europe and beyond,” he says. “We believe that open banking is reaching maturity in several markets and the next phase is about solving bigger, more complex problems for our customers – layering value on top of the raw infrastructure. You’ll see us building more and more in this direction.”