Total amount raised
$204.8 Millions
Latest funding date
September, 2021
Location
TrueLayer has successfully raised significant capital through multiple funding rounds, with its latest being a Series E. The company is backed by a diverse group of investors, including Mouro Capital and Tencent.
Continue reading to delve into the details of TrueLayer's funding journey and the strategic investors supporting its growth in the open banking sector.
What Is TrueLayer?
TrueLayer, founded in 2016 by Francesco Simoneschi and Luca Martinetti, is headquartered in London, England. The company specializes in open banking solutions, offering services that enable businesses to accept and send instant bank payments, verify bank account ownership, and streamline the onboarding process using bank-sourced identity data.
TrueLayer's products include Open Banking Payments, Pay by Bank, Account Verification, Signup+, and Payment Links. These services are designed to power smarter, safer, and faster online payments by combining real-time bank payments with financial and identity data.
With a workforce of 251-500 employees, TrueLayer operates across 21 countries and serves over 10 million users, making it a significant player in the open banking sector.
How Much Funding Has TrueLayer Raised?
- Seed Round
- Amount Raised: $1.3M
- Date: February 2017
- Lead Investors: Connect Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Series A
- Amount Raised: $3M
- Date: June 2017
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the team.
- Series B
- Amount Raised: $7.5M
- Date: July 2018
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series C
- Amount Raised: $35M
- Date: June 2019
- Lead Investors: Temasek Holdings, Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and invest in technology development.
- Series C
- Amount Raised: $25M
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and product innovation.
- Series D
- Amount Raised: $70M
- Date: April 2021
- Lead Investors: Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the customer base and enhance platform capabilities.
- Series E
- Amount Raised: £95M ($130M)
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive further growth and solidify market leadership.
- Series E
- Amount Raised: $50M
- Date: October 2024
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue challenging the status quo in payments and expand eCommerce presence.
TrueLayer has raised a total of $312.8M. The current valuation is not publicly disclosed.
Key Investors
- Northzone
- Details: Northzone is a venture capital firm that invests in technology-driven companies. Founded in 1996, it has offices in London, New York, and Stockholm.
- Investment Focus Areas: Technology, FinTech, eCommerce
- Notable Investments: Spotify, Klarna, Trustpilot
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. It was founded in 2001 and is based in New York.
- Investment Focus Areas: Internet, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Stripe
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. Established in 1974, it manages a net portfolio of over $300 billion.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness
- Notable Investments: Alibaba, Airbnb, Ant Financial
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company, known for its investments in internet-related services and products. Founded in 1998, it is one of the world's largest technology companies.
- Investment Focus Areas: Internet-related services, AI, FinTech, gaming
- Notable Investments: Tesla, Snap Inc., Epic Games
- Stripe
- Details: Stripe is a financial technology company that provides payment processing software and application programming interfaces for e-commerce websites and mobile applications. Founded in 2010, it is headquartered in San Francisco.
- Investment Focus Areas: Payment processing, FinTech
- Notable Investments: Paystack, Monzo, Rapyd
What's Next for TrueLayer?
TrueLayer stands at the cusp of significant growth, driven by the expanding eCommerce sector and the increasing adoption of pay-by-bank solutions. With a robust infrastructure processing over $50 billion in payments annually, the company is well-positioned to deepen partnerships with major merchants and financial institutions, further solidifying its market presence.
Future fundraising opportunities appear promising, as evidenced by the recent $50 million extension of its Series E round. Continued investor confidence from heavyweights like Tencent and Tiger Global suggests that TrueLayer could attract even more capital to fuel its expansion. However, the company must navigate regulatory challenges and maintain its rapid growth to stay ahead in the competitive fintech landscape.
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