A London payments tech firm working with the likes of Revolut has raised £50 million in Series D funding to expand globally.

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. 

The Series D funding round was led by new investor Addition, bringing its total raised to date to $142m. 

Existing investors Anthemis Group, Connect Ventures, Northzone, Temasek and Santander’s FinTech investment arm Mouro Capital also participated. 

TrueLayer says it will use the capital injection to accelerate its global expansion plans, as well as expand engineering, product and commercial teams.

The firm was founded by CEO Francesco Simoneschi and CTO Luca Martinetti. 

“Luca and I founded TrueLayer in 2016 when open banking was just getting started. We imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more,” said Simoneschi. 

“Today, there are more than three million users in the UK and at the current growth rate, 60% of the UK’s population will be using open banking by the end of 2023. 

Simoneschi says “Europe is only 6-12 months behind” the UK, while open banking regulations have emerged or are emerging all around the world, including Australia, Brazil and Japan.

The global value of open banking is predicted to reach $43 billion in the next five years. It’s a joy to see our vision coming alive and to see open banking quickly becoming a new normal,” he added. 

His company now processes more than half of the open banking volume in the UK, Ireland and Spain, a 600-times growth in the last 12 months. 

It has expanded across 12 markets in that time, including digital banking, eCommerce, trading, investment, crypto and remittance. 

Clients include Revolut, Nutmeg, Trading 212, Stake and Payoneer. 

Earlier this year, TrueLayer also launched its own payment method, PayDirectwhich helps firms to streamline their payments processes using account verification, instant account funding, instant withdrawals and instant refunds.