Another fintech unicorn from London is here: TrueLayer pockets £95M at £1B valuation

A global open banking platform based in London, TrueLayer, makes it easy for anyone to build better financial experiences. Now, the company announced that it has pocketed $130 million (nearly £95 million) in a funding round, which gives it a post-money valuation of over $1 billion, thereby making it a unicorn.

The investment round was led by New York-based tech investor Tiger Global Management LLC along with participation from Stripe, a global payments technology provider. TrueLayer will use the proceeds of this round to further scale its business and offer the benefits of instant bank payments to more markets as well as sectors.

Also, it will focus on continued product development and innovation, including PayDirect. The funds will also let the company continue its geographic expansion and strengthen its product, engineering and commercial teams worldwide.

“When Francesco and I founded TrueLayer it was with a belief that open banking would act as a catalyst for fundamental change in financial services. I’m incredibly proud of how we’ve built the firm, with a focus on quality engineering and user experience aligned to product development that delivers the best possible services,” commented Luca Martinetti, co-founder and CTO at TrueLayer. “That is reflected in the thousands of developers using our services, the talent we are retaining and the calibre of leaders we’re attracting from world-class technology and fintech companies. Our people buy into the vision for what we’re building and the journey ahead. It’s also reflected in the quality of our investors who believe in our ambition and are as excited as us about what comes next.”

Alex Cook, Partner, Tiger Global, said: “The shift to alternative payment methods is accelerating with the global growth of online commerce, and we believe TrueLayer will play a central role in making these payment methods more accessible. We’re excited to partner with Francesco, Luca and the TrueLayer team as they help customers increase conversion and continue to grow the network.”

In addition to the latest investment round, TrueLayer announced the launch of its PayDirect solution, Verification API, and Payouts solution. Also, it received its full EU authorisation from the Central Bank of Ireland and establishing its European HQ in Dublin.

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