UK fintech TrueLayer lands $70m Series D led by NY investor Addition
TrueLayer, a UK-based open banking provider, has landed a $70 million Series D led by New York investor Addition.
Set up by former Tiger Global Management partner Lee Fixel, Addition’s investment portfolio already includes a host of fintechs. Such as Aussie business banking start-up Zeller, and blockchain analysis firm Chainanalysis.
TrueLayer also garnered support from existing investors for its Series D, which include: Anthemis Group, Connect Ventures, Santander’s Mouro Capital, Northzone, and Singapore government-owned Temasek.
Coinbase’s chief product officer, Surojit Chatterjee, and the CEO of Israeli fintech UniPaaS, David Avgi, are both individual investors in TrueLayer.
The latest round brings TrueLayer’s total capital raised to date to $142 million. It also arrives the same week as US aggregator Plaid landed a $425 million Series D.
Premium product growth
The start-up intends to channel its new investment into the “global roll-out” of its open banking network, and its expansion of its premium offering.
This will see engineering, product and commercial teams grow alongside the products.
TrueLayer’s application programme interfaces (APIs) centre around payments, financial data, and identity services.
Live in 12 European markets – including the UK, Ireland, and Spain – the fintech’s customers include Revolut, Trading 212 and Payoneer – which recently went public.
In January, it launched a payments API to rival cards. Called PayDirect, the new product “combines one-click verification with instant deposits and withdrawals”.
TrueLayer says it allows companies to cut down on failed payments which can spur unnecessary customer churn.
Invest for 15 years, not 15 months
Founded in 2016, TrueLayer claims just the last 12 months have seen it grow payment volumes by 600 times.
“This new financial network we are building on top of open architectures has massive long-term implications for the whole fintech ecosystem,” says Luca Martinetti, the fintech’s co-founder and chief technology officer (CTO).
“We won’t compromise our vision in any way.”
TrueLayer’s CEO and fellow co-founder, Francesco Simoneschi, adds that such a long-term vision requires long-term investors.
“That is why it is so important to select investors that can help you to plan for the next 15 years, not the next 15 months,” explains Simoneschi.