Fintech startup TrueLayer raises $25 million

Credit: REUTERS/JOSE LUIS GONZALEZ

London-based fintech startup TrueLayer has raised $25 million from investors including Temasek, Anthemis, Connect Ventures and Northzone, the company said on Monday.

By Anna Irrera

LONDON, Sept 21 (Reuters) - London-based fintech startup TrueLayer has raised $25 million from investors including Temasek, Anthemis, Connect Ventures and Northzone, the company said on Monday.

The firm, which develops technology that enables financial technology companies to access account data from high street banks, said it will use the funding to continue to grow its business.

Founded in 2016, TrueLayer is one of several startups seeking to take advantage of European Union and UK open banking rules which require lenders to open up their data to other companies so they can tailor products to their customers.

"The company is growing," said Francesco Simoneschi, TrueLayer's chief executive and co-founder. "We wanted to continue to increase our headcount and invest in international expansion."

TrueLayer says its platform makes it quicker and easier for developers to connect to bank systems and build software.

With clients including startups Revolut, Nutmeg and Freetrade, the company says it accounts for more than half of all open banking traffic in the UK.

This year TrueLayer started offering its services in France, Italy and Spain.

The round brings the total raised by the company to date to $72 million.

(Reporting by Anna Irrera; Editing by Jan Harvey)

((Anna.Irrera@thomsonreuters.com; +1 646 223 4005 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More