TrueLayer raises $25 million in Series C funding round
Fintech infrastructure firm TrueLayer has announced an additional $25 million in funding under its Series C round.
Existing investors Anthemis, Connect Ventures, Northzone, and Temasek participated in the round. The fresh cash brings TrueLayer’s total raised to $72 million.
The new funding comes as the firm branches out from its UK headquarters. It has signed new partnership deals in France, Spain, and Italy.
TrueLayer says it will continue to invest in its platform and launch of an automated data analysis platform.
The firm says it has also scaled its commercial, design, and engineering teams to meet demand for its open banking services.
Francesco Simoneschi, CEO and co-Founder of TrueLayer, says the company’s vision is “becoming reality”.
He adds: “This raise will help us on that journey to open up financial infrastructure, and enable access in new geographies and across new industries.”
Simoneschi talks up interest that his firm is seeing from outside the traditional financial services space. He says TrueLayer can become “a driving force […] for financial innovation”.
TrueLayer raised $35 million in its previous Series C raise, led by Tencent Holdings.
In June the firm was added to the UK government’s Payment Acceptance Framework, enabling it to provide payment initiation services (PIS) to public sector firms.
The CCS launched the Payment Acceptance Framework in October 2019 with the stated goal of delivering a range of payment acceptance services based on Open Banking standards.
It replaced the Merchant Acquiring Services, Equipment and Payment Gateway Services framework.