TrueLayer secures USD 7.5 mln funding for European expansion

TrueLayer will use the investment to expand across Europe, starting with Germany and France. Additionally, TrueLayer will grow its team and develop products to help companies and consumers make the most of open banking and PSD2.

Since January 2018, TrueLayer has secured a series of partnerships and integrations with companies including Monzo, Starling Bank, Zopa, ClearScore, Canopy, Plum, BitBond, Emma, Anorak, and CreditLadder. It also has a number of undisclosed partnerships in the pipeline with companies in the consumer and financial space that will go live in the next 12 months.

Its service provides an interface between financial institutions and third-party applications over an API. This allows companies to capitalise on new Open Banking and PSD2 rules by providing secure, clear and simple access to banking infrastructure. Northzone, which has previously invested in companies including Spotify, Klarna, Zopa and iZettle, was joined in the round by previous investors Connect and Anthemis.