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TrueLayer raises $70 million to go head-to-head with Visa and Mastercard

British fintech start-up TrueLayer has announced the result of a series D fundraise which has raised $70 million. The money will be put towards rolling out its flagship open banking network. 

The investment round was led by venture capital firm Addition and several top executives from the likes of Coinbase and Google also took part. 

According to Francesco Simoneschi, CEO & CO-Founder of TrueLayer, their Mission is to open up finance. 

  • “We’re building an open banking network that brings together payments, data and identity to redefine how people spend, save and transact online.
  • We’re doing this in a way that puts customers at the centre, enabling the creators, the doers and the builders in every industry to reimagine finance and improve the fabric of our society.” 

TrueLayer And Open Banking 

TrueLayer was founded back in 2016 and currently has around 3 million UK users. The company predicts that as much as 60% of the British population will be using open banking by the end of 2023. 

Open banking opens up banking data and payment services to fintech. Open banking providers such as TrueLayer are aiming to undercut card networks such as Visa and Mastercard.  

According to Simoneschi, Europe is about 6 to 12 months behind the UK in open banking adoption and he states: 

  • “The global value of open banking is predicted to reach $43bn in the next five years. It’s a joy to see our vision coming alive and to see open banking quickly becoming a new normal.” 

Other impressive comments made by Simoneschi are that TrueLayer has processed over half the open banking volume in the UK in the last year, and has widened its net to include the same for both Ireland and Spain. 

  • “We’ve earned the trust of hundreds of customers that are rethinking how finance should work, in areas like digital banking, ecommerce, trading, investment, crypto and remittance – from Revolut and Nutmeg to Trading 212 and Payoneer.” 

Future Plans 

Simoneschi says that TrueLayer will expand its network across Europe and beyond, developing new capabilities as they go. 

  • “We believe that open banking is reaching maturity in several markets and the next phase is about solving bigger, more complex problems for our customers – layering value on top of the raw infrastructure. You’ll see us building more and more in this direction.” 

Source: CryptoDaily

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