TrueLayer raises USD 35 mln from Tencent to expand open banking network

Thursday 6 June 2019 11:43 CET | News

UK-based fintech TrueLayer, a provider of financial APIs, has raised USD 35 million in funding in a round led by Tencent and Singapore’s Temasek.

Previous investors Northzone and Anthemis also chipped in, bringing the total investment raised by the company to date to USD 47 million.

TrueLayer provides an interface between financial institutions and third-party applications over an API. The company says it will use the investment to continue to expand its open banking platform as it aims to connect the majority of European banks by the end of 2019.

The startup says this will enable developers to build banking and fintech propositions that use account aggregation, payment initiation, bank account verification and more features. Founded in 2016, TrueLayer has already partnered with Monzo, Zopa, ClearScore, and Plum.

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Keywords: TrueLayer, Tencent, open banking network, UK, Singapore, Europe, Temasek, funding round, Open Banking, Open API, fintech, banking
Countries: World