API platform TrueLayer nets $3m Series A led by Anthemis

API platform TrueLayer has netted a $3m Series A funding round led by Anthemis Group.

Previous investor Connect Ventures also took part in the round.

London-based Truelayer provides developers easy access to bank data so they can build financial apps and services.

The platform offers account verification, KYC processes, and transactional data for account aggregation, credit scoring and risk assessment.

The API is free to use for solo developers and early stage startups, and volume-based pricing and billing is offered to larger businesses.

This capital will be used to expand TrueLayer team and increase the coverage of banks supported.

Currently TrueLayer is only available in the UK, but is set to expand across Europe next year.

TrueLayer CEO and co-founder Francesco Simoneschi said, ?The future of bank APIs isnt 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,p>

This deal follows a $1.3m seed investment led by Connect Ventures earlier in the year.

Following the transaction AntHemis Group partner Yann Ranchere will join the company board of directors.

Copyright ? 2017 FinTech Global

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