London-based TrueLayer has raised $70 million in a Series D round bringing the fintech’s total capital raised to $142 million.
The round was led by new investor Addition, and saw participation from existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek. Additional investors in the round include Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).
The funding is expected to accelerate TrueLayer’s expansion particularly in the areas of engineering, product, and commercial teams.
“TrueLayer is ideally positioned to benefit from the trends shaping the future of financial services as more and more companies embed digitally native payments into their platforms,” comments Addition founder Lee Fixel. “We look forward to supporting the TrueLayer team as they scale their offering and drive continued innovation.”
At present, TrueLayer’s platform represents more than half of all open banking traffic in the UK, Ireland and Spain, reflecting billions of pounds in payments, and is the underlying technology behind some of Europe’s fastest-growing brands, including Revolut, Trading 212 and Payoneer.
Over the past 12 months TrueLayer has expanded across 12 European markets, grown payment volumes by 600x, and added customers across a range of verticals including digital banking, e-commerce, trading and investment, and cryptocurrencies.
According to OpenBanking UK, TrueLayer has the top spot in payment conversion rate, 22% higher than competitors, and 40% higher than payment cards. Additionally, when merchants offer a TrueLayer payment, option 1 in 3 consumers have chosen to pay this way.
“When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more. We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking-based payments quickly becoming the new normal,” commented Francesco Simoneschi, CEO and Co-Founder at TrueLayer.