Fintech start-up TrueLayer bags $1.3m

Fintech start-up TrueLayer, which connects app developers with banks and financial services institutions, has raised $1.3m in its latest funding round led by Connect Ventures.

Co-founded by Francesco Simoneschi, partner of San Francisco-based VC firm Mission Market and who previously co-founded Staq, TrueLayer claims it will it give “developers everything they need to quickly and securely create disruptive new financial services” and is currently at private beta stage.

In 2016, TrueLayer closed a $1.3M funding round, also led by Connect Ventures which included Graph Ventures and co-founders of Nexmo Tony Jamous and Eric Nadalin.

Pietro Bezza, managing partner at Connect Ventures, said:

“Technology is transforming banking – but so far we’ve only scratched the surface in terms of what’s possible. FinTech developers need the right tools in order to innovate and that’s what TrueLayer provides.”

Francesco Simoneschi, CEO and co-founder of TrueLayer, said:

“Consumer choice is shifting from banks to banking. Our vision is to create cloud infrastructure that will allow banks to connect with applications and make their services available to innovative startups that are keen to re-invent the customer experience.

“Ultimately, it’s also vital that the traditional banks open up their systems and become more agile – or they risk getting left behind – so the platform we offer is win-win.”