Key Takeaways
- • TrueLayer raised $27 million in a funding round led by Italy's CDP Venture Capital, with additional participation from existing and new investors, lifting its total funding to $348.8 million.
- • The company is expanding beyond one-time pay-by-bank payments into recurring payments and through its acquisition of BNPL provider in3, positioning it to compete more directly with traditional card networks.
- • TrueLayer says its pay-by-bank tools help merchants cut payment costs by up to 40%, raise average order value by 20%, and reduce fraud by removing the need for payment cards.
- • The round reflects Europe's push for financial sovereignty and European-owned payment infrastructure, with TrueLayer processing $150 billion annually for more than 30 million consumers across 22 countries.
Summary
UK-based open banking platform TrueLayer has raised $27 million in a funding round led by Italy-based CDP Venture Capital, with additional contributions from existing and new investors. The investment adds to the $321.8 million the company had previously raised, bringing total funding to $348.8 million, according to the company's announcement.
TrueLayer co-founder and CEO Francesco Simoneschi framed the raise as a statement of European priorities. "We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments," he said.
Founded in 2016, TrueLayer provides the connectivity and commercial payment experience that make bank-based payment rails accessible to businesses. The company states that it powers $150 billion in online pay-by-bank payments each year for more than 30 million consumers in 22 countries. By removing intermediaries from the payments stack, its tools help merchants lower payment costs by up to 40%, increase average order value by 20%, and reduce fraud by eliminating reliance on payment cards. Competitors include Trustly, Visa-owned Tink, and Volt.
The company is broadening its product scope beyond one-time pay-by-bank transactions. Its roadmap includes recurring payment capabilities and the acquisition of buy-now-pay-later provider in3, moves that position it against incumbent card networks. Recent corporate activity also includes the completed acquisition of Zimpler, which expands its pay-by-bank network and real-time payments across the Nordics, and a partnership with eBay to offer pay-by-bank at checkout, with eBay also taking an investment stake.
The round is framed as part of Europe's broader push for financial sovereignty, supporting the development of European-owned payment infrastructure as pay-by-bank adoption grows across the region.
TrueLayer co-founder and CEO Francesco Simoneschi framed the raise as a statement of European priorities. "We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments," he said.
Founded in 2016, TrueLayer provides the connectivity and commercial payment experience that make bank-based payment rails accessible to businesses. The company states that it powers $150 billion in online pay-by-bank payments each year for more than 30 million consumers in 22 countries. By removing intermediaries from the payments stack, its tools help merchants lower payment costs by up to 40%, increase average order value by 20%, and reduce fraud by eliminating reliance on payment cards. Competitors include Trustly, Visa-owned Tink, and Volt.
The company is broadening its product scope beyond one-time pay-by-bank transactions. Its roadmap includes recurring payment capabilities and the acquisition of buy-now-pay-later provider in3, moves that position it against incumbent card networks. Recent corporate activity also includes the completed acquisition of Zimpler, which expands its pay-by-bank network and real-time payments across the Nordics, and a partnership with eBay to offer pay-by-bank at checkout, with eBay also taking an investment stake.
The round is framed as part of Europe's broader push for financial sovereignty, supporting the development of European-owned payment infrastructure as pay-by-bank adoption grows across the region.
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