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.
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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.
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