TrueLayer is a global Open Banking platform that makes it easy for anyone to build better financial experiences. Businesses of every size, from startups to large enterprises, use TrueLayer to power their payments, access financial insights, and onboard customers around the world. Founded in 2016, TrueLayer is trusted by millions of consumers and businesses around the world. Our vision is to create a financial system that works for everyone.
Active since
2016
Head office
London, UK
Founder(s)
Francesco Simoneschi & Luca Martinetti
Funding rounds and investors
2016: Raised USD 1.3 mln seed investment from Connect Ventures
2017: Raised USD 3 mln Series A led by Anthemis Group
2018: USD 7.5 mln in Series B funding led by Northzone
2019: USD 35 mln in Series C funding led by Tencent and Temasek
2020: USD 25 mln in Series C extension led by existing investors
2021: USD 70 mln in Series D funding led by Addition
Service provider type
Open Banking enabler
API connectivity for payment initiation
API connectivity for data retrieval & value-added services on the data
TPP checking & repository
Fraud/risk/security
How it works
TrueLayer's API platform makes it easy to integrate financial services, like Open Banking and payments, into any app or any website, anywhere in the world.
What problem does the company solve
TrueLayer enables any business to benefit from financial technology. We do this by:
Reducing the cost and complexity of building and maintaining financial services;
Turning complex financial products into simple code;
Making it easy to integrate Open Banking into any application or website.
Types of supported APIs\API standard supported
We enable connections to all bank APIs across Europe, regardless of the standards or protocols used (STET, Berlin Group, OBIE).
Industries/target markets
Ecommerce, wealthtech, igaming, crypto, credit & lending, banks, and personal finance.
Geographical coverage (operational area)
TrueLayer is live across the UK, France, Spain, Germany, Ireland, Sweden, the Netherlands, Norway, Poland, and Lithuania. We have plans to expand across the rest of Europe, Australia, and North America.
Business model/pricing
It’s free to get started with TrueLayer and start testing in our sandbox. The pricing for our data and payments products is usage based. Small customers can start with simple pay-as-you-go pricing while enterprise customers get volume discounts and are able to get premium support for a monthly fee.
Technology
Cloud native
Software language
Our go-to programming languages for backend services are C# and Python, but we use other technologies when the challenge we are working on calls for it (Golang and Rust).
Software development tools
Most of our data pipelines currently use Python, Spark, and Hive, sometimes orchestrated with Airflow (but often glued together with BASH); Docker containers orchestrated by Kubernetes, hosted in AWS; Monitoring using a combination of the ELK stack, Jaeger, and Prometheus/Grafana.
When was the core technology developed
Do you have redundancy and coverage provided by multiple integrations (APIs & Direct Access)?
No
How will you handle automated refunds?
TrueLayer is integrated directly into payment schemes such as Faster Payments and SEPA CT / INST to provide automated and instant refunds to customers.
How will you mitigate the risk of bank transactions failing?
TrueLayer performs validation on requests made to our APIs to ensure that requests sent to the banks have the highest chance of success.
How will you reconcile payments efficiently?
Payments can be settled into wallets held with TrueLayer where PIS transactions can be reconciled and withdrawn in bulk payments. For clients not wishing to use the automated settlement/reconciliation offering, transactions will settle directly into their operational bank account where they can perform their own reconciliation process.
Partners
For more information please contact the TrueLayer team: hello@truelayer.com
Customers / Case studies
Revolut
Freetrade
Nutmeg
Smarkets
Awards
Top Fintech Companies 2020
CB Insights Fintech 250
'Best Innovation in Payments' at the FData awards 2019
'The Pioneer Award' at the 2019 British Banking Awards
'Top 50 Tech Companies in London 2020' Business Cloud
Business revenue
N/A
Contact
hello@truelayer.com
Website
www.truelayer.com