TrueLayer embarks on global expansion with new APAC hub in Australia

This marks TrueLayer’s first major expansion outside of Europe, where it is already working in markets such as Germany, Spain, France, and Italy. It follows the company securing a USD 35 million funding round led by Tencent and Temasek in June 2019.

Earlier this year, TrueLayer was selected by the UK’s Department of International Trade to pilot its ‘fintech bridge’ programme to Australia, alongside Smart Pensions.

Beyond client demand, TrueLayer’s choice of Australia has been in part motivated by the country’s new Consumer Data Right (CDR) law, which will come into full force in February 2020, and in part by the country’s strong home-grown fintech scene. The new legislation, which is similar to the UK’s Open Banking regulations, but wider in scope for data interoperability, enables consumers to access and safely transfer their financial data to trusted bodies via APIs.

TrueLayer provides a wide range of clients with an interface to access their customers’ data from financial institutions, and will bring its simple and secure API platform to Australia to help both local and multinational companies capitalise on the CDR regulations.

TrueLayer aims to expand its Open Banking platform globally so that developers can build banking and fintech propositions that use account aggregation, payment initiation, bank account verification and other use cases enabled by Open Banking.

This expansion is TrueLayer’s latest milestone in 2019, with the company expanding across Europe to Germany, France, Italy and Spain, launching payment initiation capabilities and partnering with companies including Monzo, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money. Thousands of developers are now actively developing applications on its platform.