FinTechInvestment

Pay-by-bank network TrueLayer has closed its latest funding round, raising £38 million in an extension of its Series E round.

The funding round was led by Northzone with participation from existing investors Tencent, Tiger Global, Temasek and Stripe. 

Over the past 12 months, TrueLayer has made significant strides, consolidating its position as the European leader in pay-by-bank payments. TrueLayer’s revenue grew by 200% in 2023, as the company continues to expand its customer base, deepening partnerships across the industry, including Stripe and lastminute.com. 

Its customer base also includes Revolut, Zopa, Coinbase and Robinhood.

Today, TrueLayer processes more than $50bn in total payments volume and 150 million transactions annually, and recently surpassed 1 million variable recurring payment transactions per month, the first to achieve this milestone globally. 

“This funding is yet another vote of confidence in our company, our technology, and is testament to the foundational infrastructure we’ve created,” said co-founder and CEO Francesco Simoneschi. 

“Reaching this scale and position required a lot of time, capital, and commitment. 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. 

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“The growth of pay-by-bank helps merchants reduce their cost of payments and puts money back in consumers’ pockets.

“We have built a payment network that is used by millions of people every day at the same time as maturing our business model and building trusted partnerships with some of the largest merchants in the world.” 

Northzone partner Jeppe Zink said: “We are seeing significant momentum towards pay-by-bank as merchants – particularly in e-commerce – adopt a quicker, more cost effective way to transact. 

“TrueLayer is perfectly positioned to harness this trend and has built the impressive, market-leading infrastructure to be a category winner. This investment reflects our confidence in TrueLayer’s vision and leadership position in their market. 

“We’re excited to support them as they push this space forward.”

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