A London payments tech firm working with the likes of Revolut has raised £95 million in fresh funding.
Billed as a ‘toolkit for financial innovation’, TrueLayer is a financial API provider which allows clients to connect their app to their users’ bank account, accessing real-time insights and sending and receive payments quickly and efficiently.
TrueLayer says app creators can start building in its developer console in less than five minutes.
Its latest funding round, which followed a £50m Series D raise earlier this year, was led by VC Tiger Global and Stripe.
The firm, founded by CEO Francesco Simoneschi and CTO Luca Martinetti, is now a unicorn after its valuation moved beyond $1bn.
“Millions of consumers and businesses already use TrueLayer to pay for goods and services. Whether investing through Freetrade, banking with Revolut or buying a car on Cazoo, TrueLayer powers payments for some of Europe’s most innovative brands,” Simoneschi wrote in a blog post.
“In 2021 so far, we’ve processed billions of pounds in payments and seen 400% growth in monthly volume and 800% growth in monthly value, as we expand across Europe, doubling our customer base.”
Earlier this year, TrueLayer launched its own payment method, PayDirect, which helps firms to streamline their payments processes using account verification, instant account funding, instant withdrawals and instant refunds.
“This new funding will allow us to bring open banking payments to new businesses, supercharging mainstream adoption through industries like eCommerce and subscriptions,” continued Simoneschi.
“Tiger Global [is] a team with an incredible track record backing firms like Flipkart, Nubank and Square that are creating the platforms, distribution networks and services of tomorrow.
“I’m also incredibly proud to have a new partner like Stripe, a company we have long admired for its developer experience and focus on solving real world problems that deliver significant value to its customers.”