TrueLayer Raises $70 million in Series D Round, Does not Disclose Valuation

TrueLayer, the London-based open banking platform announced that it has successfully raised $ 70 million in a Series D round. With this, the fintech has managed to raise a total capital of around $ 142 million.

The founders of the company have not disclosed the net worth of the fintech startup. Company representatives brushed aside questions regarding the startup’s valuation. They said that the fintech firm has never revealed such details in any of the previous rounds. 

TrueLayer is not the only fintech company that is staying mum on its valuation. Payments company SumUp also chose to not provide insights regarding its valuation after raising € 750 million recently. 

SEE ALSO: UK-based Fintech Gro Raises $7.1 Million from Northzone VC

Series D round

The recent Series D round saw new investor Addition leading the way. The list of existing investors that also participated in the Series D round includes Mouro Capital, Connect Ventures, Northzone, Anthemis Group, and Temasek. 

The new investors include the likes of Zack Kanter (CEO Stedi), David Avgi (ex-CEO SafeCharge, CEO UniPaaS), Daniel Graf (ex-Uber, Twitter, Google), and Visionaries Club. 

TrueLayers said that these funds will be utilized to expand its open banking network, which consolidates financial data, payments, and identities. 

This allows companies to develop new products and services that enhance how customers save, spend, and transact online. 

The funding will fuel TrueLayer’s growth and expansion especially in the product, engineering, and commercial teams department. 

Addition founder, Lee Fixel said, due to TrueLayer’s solid market position, it will benefit from the evolving trends that are set to shape the future of financial services. Furthermore, as more and more companies continue to embed digitally native payments to their platforms, TrueLayer is set to drive innovation and grow. 

TrueLayer’s current market position

In the current scenario, TrueLayer’s platform gets over 50% of the entire open banking traffic across Ireland, the UK, and Spain. The platform is also the underlying technology that contributes to the growth of some of Europe’s hot brands such as Trading 212, Payoneer, and Revolut. 

In the past year, TrueLayer has tapped more than 12 European markets, added more customers from a spectrum of verticals such as trading, investment, digital banking, cryptocurrencies, and increased its payment volumes by 600x. 

According to Francesco Simoneschi, co-founder and CEO, TrueLayer, the company strongly believes that open banking payments will gradually replace other online payment alternatives over the next five years. 

Image Source:  Business card photo created by snowing – www.freepik.com

 

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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