TrueLayer, an Open Banking Network, Raises $70 Million in Latest Round

April 9, 2021
Connor Cassidy

On Thursday, TrueLayer announced it had secured an additional US70 million in an investment round that was mainly led by new investor Addition. TrueLayer is what’s known in the industry as an open banking-based service. Open banking, according to Investopedia, is a banking practice that provides third-party financial service providers open access to data pertaining to consumer banking, transactions and other information from banks and non-bank financial institutions through the use of Application Programming Interfaces (APIs). APIs allow for interaction between multiple software applications or mixed hardware-software intermediaries. Below is an image to better describe what an API is and how its related to the user interface and open banking in general.

This latest funding round shows the increasing demand for open banking services and highlights TrueLayers mission to build an open banking network that brings in financial data and identifies ways to redefine how people use their money in their everyday transactions to make better decisions. The new funds will be allocated to accelerate it global ambitions of expansion and the development of its premium open banking service that will boost revenue growth for clients as well as challenging the status quo of innovation. The funds will also be used for build upon TrueLayers already established engineering, product and commercial teams to meet the rising global demand for its services.

Over the past year, TrueLayer has entered 12 new European markets, growing its payment volumes by 600 times! They accomplished this by adding thousands of new customers from across online banking, eCommerce to even Crypto. To show you just how large they have grown, TrueLayer’s APIs now accounts for more than 50% of all open banking traffic in Ireland, the UK and Spain, taking care of billions of pounds in payments! It’s also the backbone of many of Europe’s fastest-growing brands some you may know including, Trading 212 and Payoneer.

The CEO and Co-Founder of TrueLayer had this to say, “When Luca and I started TrueLayer in 2016, we imagined open banking becoming a new digital channel for solving cost and complexities around payments, digital identity, credit data and much more. We wanted to open up this newly built infrastructure to many businesses and consumers. It is such a joy to see our vision coming alive and open banking-based payments quickly becoming the new normal, The Addition team thinks very long term and it has been such a pleasure working together. They complement the incredibly strong group of experienced backers who align with our vision of how financial services are evolving.”

Addition’s Founder and newest partner, Lee Fixel, also commented “TrueLayer is ideally positioned to benefit from the trends shaping the future of financial services as more and more companies embed digitally native payments into their platforms. We look forward to supporting the TrueLayer team as they scale their offering and drive continued innovation.”

If the trend continues TrueLayer will be on of the largest open banking-based services in the world and is one of the reasons it has brought in US$142 million in new funds to date.


“Open Banking Network Truelayer Raises $70m.” European Fintech News, 9 Apr. 2021,

Investopedia Staff. “Open Banking Definition.” Investopedia, 27 Aug. 2020,

Dayarathne, Ashirwada. “Open-Banking.” Https://Ashirwadadayarathne.Medium.Com/Wso2-Open-Banking-to-Cater-Open-Banking-and-Psd2-Requirements-745f973e453b, 22 Oct. 2019,

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