TrueLayer Expands European Presence, Enters 5 New Markets

In an effort to cover a large part of the European region, the fintech firm, TrueLayer announced its entrance into five new markets. The company has added Austria, Belgium, Denmark, Finland and Portugal to its open banking platform.

Additionally, TrueLayer has enhanced the company’s coverage in Netherlands and Spain. According to the fintech platform, it now covers over 95% of the banked population in major European markets.

In addition, TrueLayer highlighted its broad list of partners in the EU region and mentioned that the company has expanded its open banking platform with the addition of hundreds of new banks.

The customers of TrueLayer can make open banking payments and access enriched financial data from customer bank accounts across 16 European countries. The company’s new coverage includes 20 of the largest financial institutions in Portugal, 35 banks in Spain, 50 banks in Denmark, 18 banks in Belgium and 29 banks in Austria.

“We know our global clients want to be able to reach their customers in different markets, which is why we continue to expand our coverage. But, we also know they want to provide a good experience to those customers. Open banking connections should be secure reliable and user-friendly. They should stand up to the scrutiny of high volumes and different use cases. It’s why we focus on connecting to banks through PSD2-compliant APIs. Our coverage in the UK and Europe is 100% API-based,” Joe Morley, the Vice President and General Manager for Europe at TrueLayer, commented.

TrueLayer in 2021

2021 remained a landmark year for the fintech firm. In April 2021, TrueLayer raised $70 million in a funding round led by Addition. In September last year, the financial technology platform secured $130 million in funding and received a valuation of more than $1 billion. Furthermore, the company has seen a significant surge in monthly payment volume during the last 12 months.