London-based startup TrueLayer, which provides financial APIs, has raised a $7.5 million Series B funding round. The investment was led by the venture capital fund Northzone, with participation from existing investors Connect and Anthemis.
Truelayer provides an interface for developers to create financial services and applications. Since launching in 2016, TrueLayer has secured a series of partnerships with fintech companies including Monzo, Starling Bank, Zopa, ClearScore, and CreditLadder.
“Although people will continue to hold their money in bank accounts, the walled gardens of these institutions are being knocked down, and banking transactions will increasingly take place elsewhere," said Jeppe Zink, partner at Northzone. "To enable this to function, you need thousands of banks to deliver transaction data in a single, secure and compliant way. This is a massive undertaking which TrueLayer intends to be the centrepiece of."
Truelayer plans to use the funding to expand across Europe, expand its team, and develop new products.