London-based fintech startup TrueLayer, which makes it easy to integrate financial services like open banking into any app or website, has raised $25 million in funding from existing investors as an extension of its Series C round, taking its total raised up to $72 million.
Truelayer was among the first UK companies to be authorised and registered by the FCA to provide account information and payment initiation services under Open Banking and PSD2 back in 2016.
Fast forward to today, and its platform already accounts for more than half of all Open Banking traffic in the UK, according to the company (also helped by the coronavirus pandemic and its positive effect on online payments and banking).
In the past year, TrueLayer has partnered with fintech startups like Revolut and Nutmeg to deliver open banking capabilities beyond current account access to millions of European customers as it expanded its platform from the UK to the rest of Europe.
TrueLayer has raised funding from Tencent and Singapore’s Temasek, as well as Northzone and Anthemis, to continue on that journey. Earlier today, Sweden-based fintech scale-up Tink acquired the ‘Open Banking Aggregation Platform’ from TrueLayer rival OpenWrks.