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Monday 10 June 2019

TrueLayer secures $35m for Open Banking push

TrueLayerTrueLayer, the London-based provider of APIs to the banking industry, has successfully raised $35m in Series C funding. The funding round was led by Temasek and Tencent and brings the total raised to date to $47m. The company intends to use the funds to support its growth in Europe and globally.

TrueLayer provides API functionality that enables the flow of data between banks and the new wave of third-party service providers, borne out of Open Banking. The company is already working with a number of major institutions as well as other FinTech startups (see: *New Research” Open Banking momentum starts to build).

Over the last twelve months TrueLayer has secured a number of significant partnerships with stakeholders in the Open Banking ecosystem in Europe, including: Zopa; ClearScore; CreditLadder; Canopy; Plum; BitBond; Emma and Anorak. In February, the company launched one of Europe’s first, Open Banking based, payments APIs. This latest investment highlights the growing market for Open Banking services and follows similar news last week, in respect of API provider, Yapily (see: Yapily attracts $5.4m as Open Banking market expands).

The market opportunity for vendors such as TrueLayer and Yapily is not limited to the European banking reforms. On a global basis, the growth of Open Banking and API-enabled access to data, is facilitating the growth of third-party providers and contributing to the transformation of financial services across a number of territories and jurisdictions.

Posted by Jon C Davies at '09:26' - Tagged: fundraising   OpenBanking   FinTechs  

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