TrueLayer has successfully raised $204.8 million over five funding rounds, achieving a valuation of over $1 billion. The company is backed by prominent investors including Stripe, Tiger Global, Addition, and Tencent.
Keep reading to explore the intricacies of TrueLayer's fundraising journey and the investors backing this innovative platform.
What Is TrueLayer?
TrueLayer, founded by Luca Martinetti and Francesco Simoneschi, is a company that specializes in open banking solutions. Established in 2016, the company is headquartered in London with additional offices in Milan and Dublin.
TrueLayer's mission is to build a global open banking platform that transforms how money moves. They focus on making payments and refunds instant, account data accessible, and verification seamless.
With a team of 201-500 employees, TrueLayer is trusted by industry leaders like Revolut, Cazoo, and Trading 212. Their innovative solutions are designed to remove friction from financial processes, enabling businesses to integrate financial services into their applications easily.
How Much Funding Has TrueLayer Raised?
- Seed Round
- Amount Raised: $1,300,000
- Date: February 2017
- Lead Investors: Connect Ventures
- Motivation Behind the Round: To continue developing the service and expand its availability from the UK to other major European countries.
- Series A
- Amount Raised: $3,000,000
- Date: June 2017
- Lead Investors: Anthemis Group
- Motivation Behind the Round: To expand TrueLayer's team and increase the coverage of supported banks before opening up beyond beta testers later in the year.
- Series B
- Amount Raised: $7,500,000
- Date: July 2018
- Lead Investors: Northzone
- Motivation Behind the Round: To fund European expansion, grow the team, and develop new products to capitalize on the opportunities presented by Open Banking and PSD2.
- Series C
- Amount Raised: $35,000,000
- Date: June 2019
- Lead Investors: Tencent and Temasek
- Motivation Behind the Round: To build the best developer platform, grow the OpenBanking economy, and empower new fintech companies to remove friction from consumers' financial lives.
- Series E
- Amount Raised: $130,000,000
- Date: September 2021
- Lead Investors: Tiger Global Management, with participation from Stripe
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To invest in building out the business further, extend its payments network to more regions, integrate more banks, and bring on more customers using open banking services for regular, recurring transactions.
Total Amount Raised: $204.8 million
Current Valuation: Over $1 billion
Key Investors
- Stripe
- Details: Stripe is a technology company that builds economic infrastructure for the internet. Businesses of all sizes use the software to accept payments and manage their businesses online.
- Investment Focus Areas: Fintech, Payments, E-commerce
- Notable Investments: Shopify, Instacart, Lyft
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that deploys capital globally in both public and private markets. The firm focuses on the internet, software, consumer, and financial technology sectors.
- Investment Focus Areas: Internet, Software, Consumer, Fintech
- Notable Investments: Facebook, LinkedIn, Spotify
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company. Its subsidiaries specialize in various internet-related services and products, entertainment, AI, and technology.
- Investment Focus Areas: Internet Services, Entertainment, AI, Technology
- Notable Investments: Tesla, Snap Inc., Epic Games
- Northzone
- Details: Northzone is a venture capital firm that invests in technology companies at various stages of growth. The firm has a strong track record of backing successful startups.
- Investment Focus Areas: Technology, Early and Growth-stage Companies
- Notable Investments: Spotify, iZettle, Klarna
- Anthemis Group
- Details: Anthemis Group is a venture investment and advisory firm focused on financial services companies. The firm aims to create a more digitally connected and efficient financial ecosystem.
- Investment Focus Areas: Financial Services, Fintech
- Notable Investments: Betterment, Atom Bank, eToro
What's Next for TrueLayer?
TrueLayer stands at the cusp of significant growth opportunities, driven by the global shift towards open banking. The company aims to expand its payments network to more regions and integrate additional banks, capitalizing on the increasing demand for alternative payment methods. With millions of consumers and thousands of developers already on board, the potential for growth is immense.
Future fundraising efforts are likely as TrueLayer scales its operations and enters new markets. Strategic investments from major players like Stripe could further bolster its capabilities. However, the company will need to navigate regulatory challenges and fierce competition from other open banking providers to maintain its momentum.
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