Bank API platform TrueLayer has launched its private beta following a $1.3 million funding round from Connect Ventures and Graph Ventures.

TrueLayer is a platform that connects fintech developers with traditional banks' customer information – or “bridging the divide” as it puts it – to implement into their apps while staying within regulations. The API supports account verification, KYC processes, and transactional data for credit scoring and risk assessment.

The London-based startup said rules in the EU like PSD2 (Payment Services Directive 2) and GDPR and guidelines from the Competition and Markets Authority in the UK will present opportunities for fintech startups to further muscle their way into the financial services sector.

“Consumer choice is shifting from banks to banking. Our vision is to create cloud infrastructure that will allow banks to connect with applications and make their services available to innovative startups that are keen to re-invent the customer experience,” said TrueLayer CEO Francesco Simoneschi, who is also a partner at Mission Market. “Ultimately, it’s also vital that the traditional banks open up their systems and become more agile – or they risk getting left behind – so the platform we offer is win-win.”

TrueLayer closed this funding round last year and so far has launched in the UK with a wider European launch on the cards.

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