Key Takeaways
- • TrueLayer, the London-based UK open banking company, raised $27 million in a round led by CDP Venture Capital, the investing arm of Italian state-backed development bank Cassa Depositi e Prestiti (CDP), which manages €4.9 billion in assets under management.
- • Proceeds will fund further development of TrueLayer's Pay by Bank technology for account-to-account payments and a new hiring drive, with Milan named as a core engineering hub.
- • Roughly a quarter of TrueLayer's 280-person workforce is based in Italy, and the company plans to continue hiring there in 2027.
- • The round follows recent acquisitions of Nordic competitor Zimpler and split payments company In3, and the promotion of Pamela Fegan to Ireland CEO and European general manager.
- • TrueLayer's prior funding includes a $130 million Series E in 2021 led by Tiger Global Management (unicorn status) and a $50 million extension led by Northzone in 2024.
Summary
TrueLayer, a UK open banking company, has received a $27 million investment led by CDP Venture Capital, according to FinTech Futures. The company describes the round as supporting its push for growth in Italy and across Europe. CDP Venture Capital is the investing arm of Cassa Depositi e Prestiti, Italy's public development bank, and has €4.9 billion in assets under management. Other outlets report that the round was led by CDP Venture Capital alongside a consortium of new and existing investors, and that the deal is framed by the parties as a push for payment rails outside the United States.
The capital will be used to further develop TrueLayer's Pay by Bank technology for account-to-account payments and to fund a new hiring drive, according to a company statement. TrueLayer was founded in London in 2016 by Italian nationals Francesco Simoneschi, who serves as chief executive, and Luca Martinetti, chief technology officer. Roughly a quarter of its 280-strong workforce is based in Italy, and the company describes Milan as "one of its core engineering hubs," with plans to "continue hiring there in 2027."
The company's capitalisation history includes a $130 million Series E in 2021, which elevated TrueLayer to unicorn status in a round led by Tiger Global Management, and a $50 million extension led by Northzone in 2024. An undisclosed contribution from eBay Ventures in February 2026 was its most recent prior investment. Its wider investor base includes Connect Ventures, Anthemis Group, Temasek Holdings, Mouro Capital, Tencent, Addition, and Stripe. One outlet cites the company's latest recorded revenue as $27 million as of its October 2024 Series E, implying a valuation-to-revenue multiple of roughly 25.9x at a $700 million valuation; this figure is third-party data and was not confirmed in the company's statement.
The funding follows a series of recent moves aimed at broadening TrueLayer's payments capabilities and international footprint. These include the acquisitions of Nordic competitor Zimpler and split payments company In3, and the promotion of former PTSB executive Pamela Fegan to Ireland CEO and European general manager.
The capital will be used to further develop TrueLayer's Pay by Bank technology for account-to-account payments and to fund a new hiring drive, according to a company statement. TrueLayer was founded in London in 2016 by Italian nationals Francesco Simoneschi, who serves as chief executive, and Luca Martinetti, chief technology officer. Roughly a quarter of its 280-strong workforce is based in Italy, and the company describes Milan as "one of its core engineering hubs," with plans to "continue hiring there in 2027."
The company's capitalisation history includes a $130 million Series E in 2021, which elevated TrueLayer to unicorn status in a round led by Tiger Global Management, and a $50 million extension led by Northzone in 2024. An undisclosed contribution from eBay Ventures in February 2026 was its most recent prior investment. Its wider investor base includes Connect Ventures, Anthemis Group, Temasek Holdings, Mouro Capital, Tencent, Addition, and Stripe. One outlet cites the company's latest recorded revenue as $27 million as of its October 2024 Series E, implying a valuation-to-revenue multiple of roughly 25.9x at a $700 million valuation; this figure is third-party data and was not confirmed in the company's statement.
The funding follows a series of recent moves aimed at broadening TrueLayer's payments capabilities and international footprint. These include the acquisitions of Nordic competitor Zimpler and split payments company In3, and the promotion of former PTSB executive Pamela Fegan to Ireland CEO and European general manager.
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