Key Takeaways
- • London-based TrueLayer raised $27 million in a funding round led by CDP Venture Capital, the Cassa Depositi e Prestiti group's venture arm, alongside existing and new investors.
- • The company will use the proceeds to keep hiring through 2027 and widen its commercial reach, with Milan expansion a central part of the story.
- • TrueLayer operates a Pay by Bank network built on European open banking infrastructure, positioning it as an alternative to US card networks, with more than 30 million European consumers reachable.
- • The platform is live in 22 countries and counts Ryanair and Just Eat among its business customers.
- • Roughly a quarter of TrueLayer's 70-person workforce is based in Italy, underscoring the strategic weight of the Italian market.
Summary
TrueLayer, a London-based fintech, has raised $27 million in new funding, with the round led by CDP Venture Capital, the venture arm of the Cassa Depositi e Prestiti group, according to FinSMEs and Tech Funding News coverage dated October 8, 2026. Existing and new investors also participated in the round. The company intends to deploy the capital to continue hiring through 2027 and to expand its business reach, a move coinciding with its expansion in Milan.
Co-founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer develops a payment network for Europe centered on Pay by Bank, which allows consumers to pay directly from their bank accounts using European open banking infrastructure rather than US card networks. The company says the network already operates at scale, reaching more than 30 million European consumers. TrueLayer is live in 22 countries and powers payments for businesses including Ryanair and Just Eat.
The Italian dimension of the raise is notable. CDP Venture Capital's lead role reflects the Italian state-linked investor's focus on the domestic venture ecosystem, and roughly a quarter of TrueLayer's 70 employees are based in Italy. Earlier coverage has also described TrueLayer as having achieved unicorn status following a $130 million round, a point that places the new raise in the context of a maturing European open banking player.
Co-founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer develops a payment network for Europe centered on Pay by Bank, which allows consumers to pay directly from their bank accounts using European open banking infrastructure rather than US card networks. The company says the network already operates at scale, reaching more than 30 million European consumers. TrueLayer is live in 22 countries and powers payments for businesses including Ryanair and Just Eat.
The Italian dimension of the raise is notable. CDP Venture Capital's lead role reflects the Italian state-linked investor's focus on the domestic venture ecosystem, and roughly a quarter of TrueLayer's 70 employees are based in Italy. Earlier coverage has also described TrueLayer as having achieved unicorn status following a $130 million round, a point that places the new raise in the context of a maturing European open banking player.
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