Connecting Banks and Fintechs

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

2016

Do you have redundancy and coverage provided by multiple integrations (APIs & Direct Access)?

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

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