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After one too many early morning attempts to navigate London’s night buses, Azmat Yusuf was fed up.
“I was trying to figure out how to get back home at 3 o’clock in the morning,” he recalled during an on-stage interview. “I thought it was just me who had this problem, like everyone knew what was going on with the buses and I was the only idiot who needed help.”
The company said its latest investment round was led by Addition, the venture capital firm founded by former Tiger Global partner Lee Fixel. Existing investors Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Singapore s Temasek also invested.
Francesco Simoneschi, TrueLayer s CEO and co-founder, said in an interview that the firm decided to raise more cash on the back of strong growth in 2020, helped in no small part by the coronavirus pandemic and a shift from consumers toward digital means of managing their finances. We were closing 2020 in an extremely positive way, Simoneschi told CNBC. We were going through an incredible year of growth, he said, adding the company saw its payment volumes spike as much as 600 times.
UK-based Open Banking solution provider
TrueLayer has secured $70 million in capital through a Series D round.
TrueLayer‘s latest investment round was led by Addition and included contributions from several angel investors. Following this latest fundraise, the Fintech firm has acquired a total of $142 million in capital, to date. Existing investors Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek, also took part in the Open Banking provider’s round.
Launched in 2016 when Open Banking was in its early stages, TrueLayer now claims that it handles over half of the Open Banking transactions in the United Kingdom, Spain, and Ireland. During the past year, the Fintech company has managed to expand its business across 12 different markets. TrueLayer reports that it has also grown total payment volumes by around 600%.
TrueLayer Raises $70m to Build the World s Most Valuable Open Banking Network
Series D round led by new investor, Addition, with participation by existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek. Brings total raised to date to $142m.
Additional investors include Visionaries Club, Surojit Chatterjee (CPO Coinbase), Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).
Funding to accelerate global rollout of its open banking-based network and expand premium product offering. TrueLayer, Europe s leading open banking platform, today announced it has secured a $70m Series D investment round led by new investor Addition. The latest raise reflects the growing demand for its open banking-based services and marks another significant milestone for TrueLayer on its mission to open up finance, building an open banking network that brings together payments, financial data, and