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Fintech startup TrueLayer raises $130 million at over $1 billion valuation By Reuters

by Mike Robinson

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© Reuters.

By Supantha Mukherjee

STOCKHOLM (Reuters) – London-based fintech startup TrueLayer said on Tuesday it had raised $130 million from investment firm Tiger Global Management and payments technology provider Stripe in a funding round that valued the company at more than $1 billion.

Since April’s last funding round of $70 million, TrueLayer has experienced a 400% increase in monthly payments volume and more than doubled its customers.

TrueLayer was founded in 2016 and is among many startups looking to benefit from the open banking rules of the UK and European Union. These regulations require that lenders open their customer data to other companies to allow them to tailor their products for customers.

Francesco Simoneschi, chief executive officer of the company, stated that it operates in fourteen European countries and will launch services to Australia within the next few months.

TrueLayer is home to more than half the open banking traffic from Spain, Ireland, and UK.

TrueLayer does not plan to move into the United States market, as other fintech firms are looking at it as a potential source of growth.

Simoneschi stated that the U.S. presents a unique set of problems, which he believes we will be able to address at some time.

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