TrueLayer provides open banking API solutions that enable businesses to access bank data and initiate real-time payments directly from customer bank accounts. The platform is widely used by fintechs, eCommerce companies, and financial institutions to power instant payments, account verification, and onboarding.
TrueLayer operates across multiple European markets and focuses on replacing traditional card-based payments with faster, lower-cost bank payments.
What Is TrueLayer and What Does It Do?
TrueLayer, founded in 2016, is an open banking technology company headquartered in London, United Kingdom.
TrueLayer employs 11-50 employees as of December 2024 and serves customers across payments, lending, fintech, insurance, and digital commerce. The company builds APIs that connect third-party businesses with bank infrastructures, enabling access to account data, transaction history, and instant payment initiation.
How Much Funding Has TrueLayer Raised?
1. Seed Round
- Amount Raised: $1.3M
- Date: February 2017
- Lead Investors: Connect Ventures
- Motivation: To build the initial open banking API infrastructure.
2. Series A
- Amount Raised: $3M
- Date: June 2017
- Lead Investors: Anthemis
- Motivation: To scale early operations and expand the engineering team.
3. Series B
- Amount Raised: $7.5M
- Date: July 2018
- Lead Investors: Northzone
- Motivation: To enhance product offerings and enter new European markets.
4. Series C
- Amount Raised: $35M
- Date: June 2019
- Lead Investors: Temasek Holdings, Tencent
- Motivation: To accelerate growth and invest in platform scalability.
5. Series C (Extension)
- Amount Raised: $25M
- Date: September 2020
- Motivation: To support international expansion and product innovation.
6. Series D
- Amount Raised: $70M
- Date: April 2021
- Lead Investors: Addition
- Motivation: To expand the customer base and strengthen payments infrastructure.
7. Series E
- Amount Raised: $130M
- Date: September 2021
- Lead Investors: Tiger Global Management
- Motivation: To scale pay-by-bank adoption and deepen market leadership.
8. Series E
- Amount Raised: $50M
- Date: October 2024
- Lead Investors: Northzone
- Motivation: To expand eCommerce payments and challenge card-based transactions.
Total Funding Raised: $322 Million
Current Valuation: $750 Million (as of Oct 2024)
Latest Funding Date: October, 2024
Key Investors
1. Northzone
- Details: A global venture capital firm investing in early and growth-stage technology companies.
- Investment Focus Areas: Fintech, SaaS, consumer internet.
- Notable Investments: TrueLayer, Spotify, Klarna, Trustpilot.
2. Tiger Global Management
- Details: A global investment firm focused on public and private technology companies.
- Investment Focus Areas: Internet, software, fintech.
- Notable Investments: TrueLayer, Stripe, LinkedIn, Facebook.
3. Temasek Holdings
- Details: Singapore-based global investment company managing a diversified international portfolio.
- Investment Focus Areas: Financial services, technology, consumer, life sciences.
- Notable Investments: TrueLayer, Alibaba, Airbnb, Ant Financial.
4. Tencent
- Details: A multinational technology conglomerate with investments across internet and fintech ecosystems.
- Investment Focus Areas: Internet services, payments, AI, fintech.
- Notable Investments: TrueLayer, Tesla, Snap Inc., Epic Games.
Where Is TrueLayer’s Headquarters?
TrueLayer is headquartered in London, United Kingdom, serving customers across Europe with a strong presence in the open banking ecosystem.
What’s Next for TrueLayer?
TrueLayer is focused on accelerating the shift toward pay-by-bank payments, expanding eCommerce integrations, and reducing reliance on traditional card networks. With continued backing from top-tier investors, the company is positioned to play a central role in Europe’s evolving digital payments infrastructure.
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