TrueLayer

TrueLayer is a startup that builds financial apps capable of connecting to bank data, verifying accounts, and accessing transactions in real-time.

TrueLayer has created a platform that enables Fintechs to easily access bank APIs to develop apps and services. It offers services such as account verification, credit scoring and KYC processes, amongst other things. Since 2018 it has offered PSD2-related services with the venture acting as a regulatory / technical gateway for Fintech startups and other kinds of businesses to make the most of PSD2.

TrueLayer's partners include Monzo, Canopy and ClearScore.

In June 2019, the company raised a $35m funding round led by Tencent and Temasek.

In October 2019 the company announced it was expanding to Australia, with additional plans to further expand to Hong Kong and Singapore in the near future.

In March 2020 the company announced an API integration with online brokerage app Stake, enabling customers to make transfers without leaving Stake's app.

That same month, TrueLayer opened up its Open Banking services for free to any person or business during the Covid-19 global pandemic. Some of the suggestions it gave included verifying financial need, cashless payments and more, and welcomes government agencies, charities, health providers, app developers and more to get in touch.

In September 2020 TrueLayer raised $25m in Series C funding. The company stated it would use the funding to enable access to new geographies and new industries.

TrueLayer announced in the following month that it was expanding its operations into Australia. The move comes after several new changes in Australian governmental rulings this year have made it easier for users to share their financial data securely with third-parties.

In April 2021 TrueLayer raised a $70m Series D. TrueLayer revealed it now processes over half of the Open Banking volume in the UK, Ireland and Spain, and saw phenomenal growth in the past 12 months - its payment volumes increased by 600%. The company plans to use the funds to further expand geographically and build an open banking network to help banks and third parties develop new fintech apps and services.

In September 2021 TrueLayer became a Unicorn, raising £95m in Series E funding less than 6-months after their Series D. According to CEO Francesco Simoneschi, the company has "processed billions of pounds in payments and seen 400% growth in monthly volume and 800% growth in monthly value, as we expand across Europe, doubling our customer base."

TrueLayer was launched in 2016 by Francesco Simoneschi (CEO) and Luca Martinetti (CTO). The pair originally founded Staq and DomainsBot, both of which have been successfully acquired.