TrueLayer, the London startup that offers a developer-friendly platform for companies, including other fintechs, to utilise open banking, is disclosing $70 million in new funding.

The Series D round is led by new investor Addition. Existing investors, including Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek, also participated. New investors include Visionaries Club, Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).

TrueLayer says the Series D brings the total investment to date to $142 million. The injection of capital will be used to continue scaling its open banking network, which brings together payments, financial data and identity to enable companies to build new products that improve “how we spend, save, and transact online”.

This will include further development of premium open banking-based services that go beyond simply accessing open banking APIs and will enable more innovation across financial services, including embedded finance and payments more generally.

To do this, and to support what it says is growing demand, TrueLayer is expanding its engineering, product and commercial teams. In the past 12 months, the fintech has expanded its services across 12 European markets.

Over the years, TrueLayer CEO and co-founder Francesco Simoneschi and I have often pontificated on what open banking’s killer use case or use cases may turn out to be. We may finally have our answer: payments.

That’s because one aspect of open banking is payment initiation, which lets an authorised third party initiate the transfer of money out (Read more...)