TrueLayer Raises $3M For Platform, Giving FinTech Companies Access To Banks APIs

In venture capital news, London startup TrueLayer has raised $3 million in Series A funding so that it can enable FinTech companies to access bank APIs.

According to TechCrunch, the Series A funding round was led by Anthemis Group, with participation from existing investor Connect Ventures. The money will be used to expand the TrueLayer team and increase coverage of supported banks before it expands beyond beta testing later this year.

The EU Second Payment Services Directive (PSD2), which will become law by January 2018, will force banks operating within the EU to offer read and write access, so that, with a person's consent, third-party apps and services can access their bank account data, including making and receiving payments on their behalf.

“We believe that PSD2 will be a once-in-a-lifetime opportunity for startups to displace incumbent banks and financial service providers,” TrueLayer cofounder Francesco Simoneschi said. “We want to provide developers with a simple, secure and universal API to access the bank infrastructure and enable the next wave of financial services.”

Currently, the TrueLayer developer platform supports tasks such as account verification, KYC processes and accessing transactional data for account aggregation, credit scoring and risk assessment. It is available in the U.K., but there are plans to expand into other EU countries later in 2018. And full PSD2 support is next on the road map.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

Click to comment