TrueLayer has successfully completed its latest funding round, securing $50m as part of an extension to its $130m Series E funding.
Led by Northzone, the funding round saw participation from existing investors Tencent, Tiger Global, Temasek and Stripe. This investment reflects strong support for TrueLayer’s goal of reshaping the digital payments landscape while emphasising its role in advancing pay-by-bank solutions.
Francesco Simoneschi, Co-Founder and CEO of TrueLayer, commented: “This funding is yet another vote of confidence in our company, our technology, and is testament to the foundational infrastructure we’ve created. Reaching this scale and position required a lot of time, capital, and commitment. We’ve built a unique ecosystem connecting banks, merchants and consumers. “
“This investment enables us to continue to challenge the status quo in payments and grow our presence in areas like e-commerce. The growth of pay-by-bank helps merchants reduce their cost of payments and puts money back in consumers’ pockets.”
Over the past year, TrueLayer has significantly strengthened its position in the pay-by-bank payments sector, with revenue increasing by 200% in 2023.
Additionally, the company is continuously expanding its customer base and securing partnerships across the industry, collaborating with well-known entities like Stripe and lastminute.com, alongside clients such as Revolut, Zopa, Coinbase and Robinhood.
“We have built a payment network that is used by millions of people every day at the same time as maturing our business model and building trusted partnerships with some of the largest merchants in the world,” Simoneschi added.
Commenting, Northzone Partner Jeppe Zink said: “We are seeing significant momentum towards pay-by-bank as merchants – particularly in e-commerce – adopt a quicker, more cost-effective way to transact.
“TrueLayer is perfectly positioned to harness this trend and has built the impressive, market-leading infrastructure to be a category winner. This investment reflects our confidence in TrueLayer’s vision and leadership position in their market. We’re excited to support them as they push this space forward.”
On top of all these deals, the company has been focusing on enhancing its internal operations. Earlier this year, TrueLayer appointed Lisa Scott as its new Chief Strategy Officer to spearhead the company’s expansion into new markets.
