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 , 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 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.
