Fintech Firm TrueLayer Raises $70 Million

TrueLayer, a fintech company based in the UK, announced yesterday that the firm has raised $70 million in the latest funding round to accelerate the roll-out of the company’s flagship open banking network. TrueLayer is planning to solve complex problems for its customers.

According to the official announcement, the recent funding round was led by Addition, the venture capital firm founded by former Tiger Global partner Lee Fixel. The fintech provider mentioned that Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge) also participated in the funding round.

Founded in 2016, TrueLayer has more than 3 million users in the UK. The company has expanded its operations across 12 markets in the last 12 months. According to the details mentioned in the announcement, the fintech firm is now processing more than half of the open banking volume in the UK, Ireland and Spain.

Commenting on the latest funding announcement, Francesco Simoneschi, Co-Founder and CEO of TrueLayer, said: “Our mission at TrueLayer is to open up finance. We’re building an open banking network that brings together Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, data and identity to redefine how people spend, save and transact online. We’re doing this in a way that puts customers at the center, enabling the creators, the doers and the builders in every industry to reimagine finance and improve the fabric of our society.”

Fintech Funding

The Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic has accelerated the adoption of innovative technologies for financial transactions. Global economies are moving towards a cashless system to avoid the spread of COVID-19. The fintech sector of the UK secured more than $4 billion investment in 2020 as the country retained its title as the top-ranked fintech investment destination in Europe. Furthermore, TrueLayer highlighted the potential of open banking and mentioned that the global value of open banking is expected to reach $43 billion in the next five years.