TrueLayer secures £95m Series E funding led by Tiger Global Management to scale open banking payments
Tiger Global Management led the Series E round with participation from Stripe to accelerate global adoption of open banking payments.
TrueLayer provides an open banking platform that allows businesses to process payments and access financial data. The company operates across the UK, Europe and Australia.
TrueLayer has raised £95m in a Series E funding round led by Tiger Global Management, with participation from Stripe. The investment values the open banking platform at over $1bn and brings its total funding to approximately $270m. The capital will support the global rollout of TrueLayer's payments network, focusing on instant and recurring transactions, alongside international expansion and team growth.
From the founder
"There is only so long that global business can rely on systems that are outdated, expensive and not fit for the digital age. TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user friendly experience that also improves conversion and delivers higher revenues for merchants. We are leading this innovation through instant deposits and withdrawals, and merging Variable Recurring Payments and Direct Debit to build ‘account on file’ services on top of our open banking network. There is an opportunity to rewire the financial system from the ground up and we are leading that evolution through open banking payments."
Francesco Simoneschi
Co-founder & CEO at TrueLayer
Investor perspective
"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."
Alex Cook
Partner, Tiger Global Management
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
