UK’s Open Banking Fintech TrueLayer Secures $70M through Sequence D led by Addition, Firm has Raised $142M in Complete to Date

UK-based Open Banking answer supplier TrueLayer has secured $70 million in capital by a Sequence D spherical.

TrueLayer‘s newest funding spherical was led by Addition and included contributions from a number of angel traders. Following this newest fundraise, the Fintech agency has acquired a complete of $142 million in capital, to this point. Current traders Anthemis Group, Join Ventures, Mouro Capital, Northzone, and Temasek, additionally took half within the Open Banking supplier’s spherical.

Launched in 2016 when Open Banking was in its early phases, TrueLayer now claims that it handles over half of the Open Banking transactions in the UK, Spain, and Eire. Through the previous 12 months, the Fintech firm has managed to develop its enterprise throughout 12 totally different markets. TrueLayer stories that it has additionally grown whole fee volumes by round 600%.

In January 2021, TrueLayer launched its very first funds product, providing firms the choice to onboard new purchasers whereas with the ability to bypass card schemes utilizing faster fee channels for account-to-account transactions and deposits.

Open Banking options are anticipated to develop their attain into new monetary merchandise beneath the time period Open Finance, offering many alternatives for ongoing progress, in line with Francesco Simoneschi, CEO and Co-founder at TrueLayer.

Simoneschi remarked:

“We’ll be launching new Open Banking primarily based capabilities this 12 months and we’ll proceed to develop our community, including broader and deeper connectivity throughout Europe and past. We imagine that open banking is reaching maturity in a number of markets and the subsequent section is about fixing larger, extra complicated issues for our clients – layering worth on high of the uncooked infrastructure. You’ll see us constructing increasingly more on this route.

As reported in February 2021, Monzo had been asking the UK authorities to make out there playing blocks for everybody. Monzo mentioned that round two million folks in Britain are experiencing hurt brought on by playing. Monzo and TrueLayer additionally introduced in February that they’re partnering on an Open Banking pilot to energy a Playing Block characteristic.