A London payments tech firm working with the likes of听Revolut听has raised 拢50 million in Series D funding 迟辞听别虫辫补苍诲听驳濒辞产补濒濒测.
Billed as a 鈥�toolkit for financial innovation鈥�,听TrueLayer听is a听financial API provider which allows听clients听迟辞听connect their app to their users鈥� bank account, accessing real-time insights and sending and receive payments quickly and efficiently.听
听says听app creators can start building in听its听developer console in less than five minutes.听
The听Series D funding round听was led by new investor Addition, bringing its total raised to date to $142m.听
Existing investors Anthemis Group, Connect Ventures,听Northzone, Temasek and Santander鈥檚听FinTech investment arm Mouro Capital听also participated.听
TrueLayer听says it听will use the听capital injection听to accelerate its global expansion plans, as well as听expand engineering, product and commercial teams.听
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The firm was founded by CEO Francesco听Simoneschi听and CTO Luca Martinetti.听
鈥淟uca and I founded听TrueLayer听in 2016 when open banking听was听just getting started. We imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more,鈥� said听Simoneschi.听
鈥淭oday, there are more than three million users in the UK and at the current growth rate, 60% of the UK鈥檚 population will be using open banking by the end of 2023.鈥�听
Simoneschi听says 鈥�Europe is only 6-12 months behind鈥� the UK, while听open banking regulations have emerged or are emerging all around the world, including Australia, Brazil and Japan.听听
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鈥�The global value of open banking is predicted to reach $43听billion in the next five years. It鈥檚 a joy to see our vision coming alive and to see open banking quickly becoming a new normal,鈥� he added.听
His company听now processes听more than half of the open banking volume in the UK, Ireland and Spain, a 600-times growth in the last 12 months.听
It听has听expanded across 12 markets听in that time, including听digital banking, eCommerce, trading, investment, crypto and remittance.听
Clients include听Revolut,听Nutmeg,听Trading 212, Stake and听Payoneer.听
Earlier this year,听TrueLayer听also launched its own payment method,听PayDirect,听which听helps firms to streamline their payments processes听using听account verification, instant account funding, instant withdrawals and instant refunds.听