4 years ago

Open Banking Platform TrueLayer Raises £51 Million to Fuel Global Expansion

  • UK-based open banking platform TrueLayer has raised £51 million in a Series D funding round led by Addition

  • The company, which offers a lower-cost alternative to traditional card networks for fintech apps, will use the funds for global expansion and product development

  • TrueLayer's platform accounts for over half of all open banking traffic in the UK, Ireland, and Spain, and the company has seen significant growth in payment volumes and customer acquisition over the past year.

      • ProblemFinancial Services

      "Traditional card networks like Mastercard and Visa charge high fees for online payments, limiting innovation and affordability for businesses and consumers."

      Solution

      "TrueLayer provides an open banking platform that allows businesses to initiate bank transfers directly, bypassing card networks and offering significantly lower fees for online payments."

      Covered on