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TrueLayer closes USD 50 million funding round

Monday 7 October 2024 09:39 CET | News

Open Banking payments network TrueLayer has announced that it secured USD 50 million in an extension of its E Series funding, with the company planning to further augment the payment landscape.

Coming as an extension of its USD 130 million Series E funding round, this capital injection underlines TrueLayer’s commitment to advancing the financial ecosystem and augmenting Pay By Bank payments. The funding round was led by Northzone and saw participation from several existing investors, including Tencent, Tiger Global, Temasek, and Stripe.

TrueLayer closes USD 50 million funding round

The current announcement follows TrueLayer’s efforts to solidify its position as a participant in European Pay by Bank payments. The company worked towards scaling its customer base, by expanding partnerships across the industry, including the one with Stripe in September 2024. At that time, TrueLayer and Stripe planned to support the latter’s Pay by Bank feature across its UK payment products. The company was set to serve as Stripe’s payment partner in the UK, integrating Pay by Bank into Stripe Elements as a new payment option for users in the region. In addition to this, TrueLayer also recently entered into collaborations with Jaja Finance and emerchantpay. Moreover, the company’s customer base also includes Revolut, Zopa, Coinbase, and Robinhood.

TrueLayer’s development strategy

When commenting on the funding, representatives from TrueLayer underlined that the capital injection is set to allow their company to continue to advance the capabilities of the payments landscape, while also scaling its presence in areas such as ecommerce. Considering the recent growth in Pay by Bank as merchants focus on adopting a more cost-effective way to transact, Northzone’s officials mentioned that the investment in TrueLayer strengthens the firm’s ability to serve businesses with solutions that fit their needs, demands, and preferences. Also, the investor aims to continue to support TrueLayer in its development strategy and enable it to further optimise its technology.

As an Open Banking payments network operating across Europe, TrueLayer focuses its efforts on providing safer and faster online payments by merging real-time bank payments with financial and identity data. Businesses, regardless of size, can leverage the company’s products to onboard new users, accept money, and make payouts.

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Keywords: funding, investment, expansion, Open Banking payments, Open Banking, ecommerce
Categories: Banking & Fintech
Companies: TrueLayer
Countries: Europe
This article is part of category

Banking & Fintech

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TrueLayer

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