TrueLayer has raised $3m in Series A funding

The fintech start-up will use the funds to expand its team before fully launching its platform - which connects app developers with banks

Fintech start-up TrueLayer has raised $3m in Series A funding in a round led by Anthemis Group – with existing investor Connect Ventures also participating.

An API platform, TrueLayer aims to help developers access banking and financial data, which in turn will help them build apps for the financial services.

The funds will be used by TrueLayer to further expand its team and increase the coverage of supported banks – before fully launching later this year.

As part of the deal, Yann Ranchere, a partner at Anthemis Group, will also join TrueLayer’s board

Just last February, the London-based start-up raised $1.3m in a round led by Connect Ventures, while in 2016 it bagged a previous $1.3M funding round, also led by Connect Ventures, that also included Graph Ventures and co-founders of Nexmo, Tony Jamous and Eric Nadalin.

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

“The future of bank APIs isn’t yet straightforward; TrueLayer was born with a mission to remove the barriers that exist between consumers and innovative financial products. PSD2 will provide a clear regulatory framework and enhanced consumer protection.

“But although it will help to create greater collaboration and innovation, there are still many technology challenges that the industry needs to solve. Frictionless user experience and security are paramount going forward.

“TrueLayer is committed to delivering the best possible user and developer experience, reducing the barrier-to-entry for fintechs that want to leverage the opportunities of open banking while still providing a secure and streamlined experience for consumers. The new funding will help us to accelerate the growth of our team, expand our product coverage and reach into markets.”

Ranchere said:

“We are excited to support the TrueLayer team in their ambition to bring developer-driven solutions to the emerging banking API ecosystem. Europe is at the forefront of new regulation driving access to banking infrastructure and will be home to a growing number of start-ups and corporations looking to build on top of this API layer.

We believe TrueLayer is uniquely positioned to provide the best secure, reliable and scalable technical platform and consumer-driven privacy frameworks for the industry. We look forward to supporting TrueLayer in building the leading European API platform for fintech developers.”

Pietro Bezza, managing partner Connect Ventures, said:

“We were the first to back Francesco and Luca and the accelerated progress achieved by the company is a confirmation of the need for TrueLayer’s product in the market and the strength and fit of the founding team.

“Banking services are long overdue a shakeup and the first step is empowering fintech applications to connect with banks through a superior developer experience. TrueLayer does this and much more.”

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