Another FinTech Unicorn in London is here: TrueLayer pockets £ 95m with a £ 1bn valuation

London-based global open banking platform, TrueLayerMakes it easy for everyone to build a better financial experience. Currently, the company has announced that it has pocketed $ 130 million in a funding round. This gives us over $ 1 billion in post-money valuations and makes us a unicorn.

Investment details

NS investment The round was led by New York-based technology investor Tiger Global Management LLC and attended by global payment technology provider Stripe. TrueLayer will use the revenue from this round to further expand its business and provide the benefits of immediate bank payments to more markets and sectors.

We will also focus on ongoing product development and innovation, including PayDirect. This funding will allow the company to continue its geographical expansion and strengthen its product, engineering and commercial teams around the world.

“When Francesco and I founded TrueLayer, we believed that open banking would act as a catalyst for fundamental changes in financial services,” said Luca Martinetti, Co-founder and CTO of TrueLayer. “It’s reflected in the thousands of developers using our services, the talent we hold, and the ability of leaders to attract from world-class technology and fintech companies. Our people agree with what we are building and our vision for the future journey. It also believes in our ambitions and is as excited as we are about what comes next. It is also reflected in the quality of the investors who are there. “

Alex Cook, a partner at Tiger Global, said: We are pleased to partner with the Francesco, Luca and TrueLayer teams to help our customers increase conversions and continue to grow their network. “

Announcement of PayDirect solution, etc.

In addition to the latest investment round, TrueLayer has announced the launch of its PayDirect solution, Verification API, and Payouts solution. It also received full EU approval from the Central Bank of Ireland and established its European headquarters in Dublin.

Francesco Simoneschi, CEO and co-founder of TrueLayer, commented: We are leading this innovation by integrating instant deposits and withdrawals and variable recurring payments with direct debit to build an “account-on-file” service on an open banking network. We have the opportunity to rewire the financial system from scratch and we are leading its evolution through open banking payments. “

Pioneer of open banking

Founded by Luca Martinetti and Francesco Simoneschi in 2016, TrueLayer processed billions of payments and expanded across Europe to double its customer base, increasing monthly payments by 400% and increasing monthly payments. It increased by 800%.

On average, one in three already chooses to pay through TrueLayer-powered technology. Some merchant partners, such as Revolut, Cazoo and Freetrade, claim that more than 70% of their customers choose to pay securely with their bank account via a card or digital wallet.

TrueLayer’s network provides over 95% coverage across the UK and major European markets, accounting for more than half of all open banking traffic in the UK, Ireland and Spain. Its API-first approach helps customers seamlessly pay, onboard and share financial information in seconds, as the technology provider behind many of the most valuable fintech and cutting-edge businesses. Has gained a reputation.