Stripe-backed UK open banking startup TrueLayer says it processed 188m transactions in 2024, an 84 per cent increase on 2023, but cut staff numbers as it looked to move to profitability.
TrueLayer, which is also backed by Tiger Global, leverages open banking technology which allows customers to make online purchases as an alternative to card giants Visa and Mastercard.
TrueLayer’s customers include Just Eat Takeaway, Revolut and Coinbase.
In the year ending 2024, revenues came in at £20.3m, compared to £12.4m in 2023. TrueLayer made a pre-tax loss of £38.6m in 2024, a reduction on the £55.6m loss it made in 2023.
Headcount in 2024 was 259, compared to 346 the previous year. A big chunk of the headcount reduction is due to job cuts, thought to number 79, that TrueLayer carried out in September last year.
The job cuts have been previously reported, and came before TrueLayer announced a $50m funding round.
Mo Mirza, TrueLayer CFO said: “In Q4 2024, we took measures to increase our velocity towards profitability, including through streamlining operational costs and reducing headcount.
“These actions have significantly reduced our burn rate, but as these actions occurred late in the year, the full impact will be reflected in our 2025 financial results.”
Key metrics, highlighted by Francesco Simoneschi CEO & co-founder, included e-commerce adoption of its technology, called pay by bank, increasing five-fold year-on-year, saying total payment volume increased to over $56bn in 2024, nearly doubling on the year.
TrueLayer, founded in 2016, said that total payment volume in April this year was over $10bn.
It said its priority in 2024 was bringing pay by bank to e-commerce, and pointed to it now working with Ryanair and Lastminute.com
TrueLayer said it ended 2024 with £46.4m in cash on its balance sheet, a figure it said which did not include an unused debt facility from Blackrock.
TrueLayer's valuation fell by around 30 per cent to around $700m following its $50m funding round, according to Bloomberg.
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