Open Banking Provider TrueLayer Raises $50 Million to Grow European Network

TrueLayer has raised $50 million in an extension of its $130 million Series E funding round to continue growing its pay-by-bank network.

The company currently processes over $50 billion in total payments volume annually, 150 million transactions annually, and 1 million variable recurring payment transactions per month, TrueLayer said in a Friday (Oct. 4) press release emailed to PYMNTS.

“Reaching this scale and position required a lot of time, capital and commitment,” TrueLayer Co-founder and CEO Francesco Simoneschi said in the release. “We’ve built a unique ecosystem connecting banks, merchants and consumers. This investment enables us to continue to challenge the status quo in payments and grow our presence in areas like eCommerce.”

TrueLayer’s open banking network is live across 21 European countries and has 10 million users, according to the release.

It combines real-time bank payments with financial and identity data to enable online payments that are “smarter, safer and faster,” the release said.

The company’s revenue doubled in 2023 as it expanded its customer base and deepened its partnerships across the industry, per the release.

TrueLayer’s latest funding round was led by Northzone, according to the release.

“We are seeing significant momentum towards pay-by-bank as merchants — particularly in eCommerce — adopt a quicker, more cost-effective way to transact,” Northzone Partner Jeppe Zink said in the release. “TrueLayer is perfectly positioned to harness this trend and has built the impressive, market-leading infrastructure to be a category winner.”

One of TrueLayer’s partners is OpenPayd, which said in February that it was enhancing its global payments and banking-as-a-service (BaaS) platform by leveraging TrueLayer’s open banking payment network throughout the United Kingdom and Europe to enable instant account-to-account (A2A) payments.

“This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users,” Barry O’Sullivan, head of banking and payments infrastructure at OpenPayd, said in a Feb. 20 press release announcing the partnership.

In January, TrueLayer began offering its payments products via Worldline’s payment orchestration platform. This collaboration allows Worldline Payment Orchestration merchants to enable TrueLayer’s Payments, Payouts and Signup+ in the U.K. and across Europe.