Open banking platform TrueLayer has secured $50m in an extension of its Series E funding round in a move to continue expanding its pay-by-bank network.
Led by multi-stage venture capital fund Northzone, the financing round also saw participation from TrueLayer’s existing investors Tencent, Temasek, Tiger Global, and Stripe.
The fintech company raised $130m in its Series E funding round in September 2021. Prior to this, in April, the open banking platform raked in $70m Series D round.
In 2019, TrueLayer secured $35m in a Series C funding round that allowed the company to bring a whole ecosystem of new financial applications.
TrueLayer founder Francesco Simoneschi said: “Reaching this scale and position required a lot of time, capital, and commitment. We’ve built a unique ecosystem connecting banks, merchants, and consumers.
“This investment means we will double down on challenging the status quo in payments and keep growing our presence in areas like ecommerce. The growth of Pay by bank helps merchants reduce their payment costs and puts money back in consumers’ pockets.”
Simoneschi also stated that certain significant steps have been taken to advance the company’s profitability. These include streamlining operational costs and a reduction in firm’s headcount.
Headquartered in London, TrueLayer is said to currently process more than $50bn in total payments volume per year. It also claims to handle 150 million transactions annually and one million variable recurring payment transactions per month.
The company’s open banking network, which is live across 21 European countries, is said to have 10 million users.
TrueLayer is engaged in integrating real-time bank payments with financial and identity data to allow online payments that are quicker and safer.
The open banking platform’s revenue increased 200% in 2023 as it grew its customer base and strengthened partnerships across the sector. The firm’s customer base includes Revolut, Coinbase, Zopa, and Robinhood.
