TrueLayer will use the funding to advance the global rollout of its open banking-based network and expand premium product offering
UK-based open banking platform TrueLayer has received $70m in a Series D financing round, led by new investor Addition Financial.
Existing investors Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek participated in the round that raised the company’s total investment to $142m.
Additional investors including Visionaries Club, Coinbase CPO Surojit Chatterjee, Stedi CEO Zack Kanter, former Uber executive Daniel Graf and UniPaaS CEO David Avgi participated in the funding round.
TrueLayer intends to use the new funding to support its global expansion and advance the development of premium open banking-based services.
Also, the company will expand its engineering, product and commercial teams to address the increasing global demand for its open banking platform.
TrueLayer co-founder and CTO Luca Martinetti said: “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.
“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.”
Established in 2016, TrueLayer is engaged in providing financial connectivity across the world, through its open APIs that help create smarter financial services.
The company said that the Series D funding round underlines the growing demand for its open banking-based services and is a significant step in building an open banking network.
TrueLayer claimed that its API-first platform is processing more than half of all open banking payments in the UK, Ireland and Spain.
Furthermore, it has expanded its offerings across 12 European markets in the last 12 months, adding new customers across digital banking, eCommerce, trading and investment, wealth management, crypto and iGaming spaces.
TrueLayer CEO and co-founder Francesco Simoneschi said: “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.”