TrueLayer is taking European banking by storm

European open banking platform TrueLayer has expanded its operations, adding Austria, Belgium, Denmark, Finland and Portugal, for open banking data (AIS) and payments (PIS).

TrueLayer is a global payment network that hopes to make instant and recurring payments available anywhere. Its technology helps build financial applications that connect to bank data, verify accounts and support real-time transactions. The company closed a $130m fundraise led by Tiger Global and Stripe in 2021.

The open banking platform has also increased connectivity in existing markets including the Netherlands and Spain, and as a result, added hundreds of new banks across a total of 16 European markets.

TrueLayer offers over 95% coverage of the banked population in major European countries, with more than half of all open banking traffic in the UK, Ireland and Spain already being processed across its platform.

Through the addition of Portugal, TrueLayer said it now provides merchants in any industry access to aggregated and enriched financial data, and account to account payments from Portugal’s 20 largest financial institutions, with a reach of more than nine million bank customers, equating to 99% total market coverage.

Joe Morley, CEO Europe at TrueLayer, said, “Working with our clients expanding across Europe, we know how important high-quality connectivity is to harness the full potential of open banking. We pride ourselves on making connections available only when we believe they are fit for purpose, rather than focussing on vanity metrics that ultimately don’t deliver the best results for our clients or their customers.”

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