TrueLayer, the London-based provider of financial APIs, announced that it is expanding to Australia, making it the first European open banking specialist to establish a presence in the APAC region. The company already plans to expand further to Hong Kong and Singapore.
Two fortuitous events in 2019 have laid the foundation for this move across the globe. First, TrueLayer was selected by the UK’s Department of International Trade to pilot its ‘fintech bridge’ programme to Australia. Then in June, the company closed a $35 million funding round led by Tencent and Temasek.
With its $47 million to date, the UK fintech is building a range of APIs that provide clients with an interface to customer data and online payments. The company has already expanded to Germany, France, Italy, and Spain and partnered with companies including Monzo, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money. Thousands of developers are actively developing applications on its platform.
Marie Steinthaler, who will be the head of APAC, said: “TrueLayer is entering Australia at the perfect time: open banking is set to explode much in the same way it has in the UK. We were at the forefront of this sea-change in Europe, and we are very excited to bring our developer-friendly API platform to Australia and the wider APAC region in quick succession. Our immediate focus will be to grow our team in Australia and help our multinational clients to expand their offering in the region. We have a lot of experience in working with the open banking rollout in Europe, and will use these learnings to build out our platform in the run-up to CDR’s February launch.”
Steinthaler is referring to Australia's new Consumer Data Right (CDR) law, which comes into play in February 2020 and resembles the UK’s Open Banking regulations.