London’s open banking platform TrueLayer has closed a $130 million funding round now giving the five-year-old company a post-money valuation of over $1 billion. This round of funding arrives just shy of five months since a $70 million round was announced at the beginning of April. The new capital will be used to further scale TrueLayer’s offerings to more markets and sectors, as well as push forward with global expansion efforts. To date, the company has raised approximately $270 million.
While there are a number of active players in the open banking payments sector, and it would be impossible to call a clear winner, if I were putting money down at the races, a solid wager would be marked for TrueLayer. Just this year the company has launched a number of new solutions, received its full EU authorisation from the Central Bank of Ireland, established its European HQ in Dublin, seen a 400% growth in monthly payment volume and 800% growth in monthly payment value, and, as if that weren’t enough, doubled its customer base.
TrueLayer’s network provides 95% coverage access the UK and most continental European markets, a figure that adds up to more than half of all open banking traffic in the UK, Ireland, and Spain.
CEO and co-founder Francesco Simoneschi commented, “I’m delighted to welcome an investor of the calibre of Tiger Global, who have an incredible track record backing firms like Flipkart, Nubank and Square that are creating the platforms, distribution networks and services of tomorrow. I’m also incredibly proud to have a new partner like Stripe, a company we have long admired for its developer experience and focus on solving real world problems that deliver significant value to its customers.”