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TrueLayer Raises $27 Million to Expand Pay-by-Bank

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TrueLayer Raises $27 Million to Expand Pay-by-Bank

UK open banking platform TrueLayer has brought in $27 million in a funding round this week led by Italy-based CDP Venture Capital with additional contributions from existing and new investors. The investment adds to the $321.8 million already raised and brings TrueLayer’s total raised to $348.8 million.

“We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments,” said TrueLayer Co-Founder and CEO Francesco Simoneschi.

Founded in 2016, TrueLayer powers $150 billion each year in online pay-by-bank payments for more than 30 million consumers in 22 countries. The company provides the connectivity and commercial payment experience that make payment rails accessible to businesses. By cutting out the middlemen involved in the payments stack, TrueLayer’s pay-by-bank tools help merchants lower payment costs by up to 40%, increase average order value by 20%, and reduce fraud by eliminating the need for payment cards. Among TrueLayer’s competitors are Trustly, Visa-owned Tink, and Volt.

Earlier this year, TrueLayer announced support for recurring payments and acquired Dutch buy now, pay later (BNPL) provider in3. The move adds a financing component to an offering historically focused on immediate bank payments. These two developments show that TrueLayer is seeking to compete beyond the pay-by-bank space. The company is slowly shifting its focus to compete with card payments at ecommerce checkout, replace card-on-file for subscriptions and repeat purchases, support merchant refunds and instant disbursements, and offer purchase financing without depending on traditional card rails.


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