TrueLayer, recognised as Europe’s premier pay-by-bank network, has recently completed a significant fundraising milestone by securing an additional $50m.
This latest capital injection, part of an extended Series E round, brings the total raised in this series to $180m.
The funding was spearheaded by Northzone, with contributions from longstanding backers including Tencent, Tiger Global, Temasek, and Stripe. This round serves as a robust endorsement of TrueLayer’s strategy to transform the digital payments framework and lead the development of pay-by-bank solutions.
TrueLayer has established itself as a pivotal player in the European market for pay-by-bank payments. The company has experienced a meteoric rise in its operations, reporting a 200% increase in revenue in 2023 alone. It has also significantly expanded its customer roster, strengthening collaborations across various sectors with notable partners like Stripe and lastminute.com, alongside servicing major fintechs like Revolut, Zopa, Coinbase, and Robinhood.
Currently, TrueLayer handles over $50bn in total payment volume annually, facilitating 150 million transactions. Notably, the company has achieved a landmark by exceeding one million variable recurring payment transactions each month, a first on a global scale.
The freshly acquired funds will fuel TrueLayer’s ongoing mission to challenge traditional payment mechanisms and enhance its footprint, particularly within the e-commerce sector. By advancing pay-by-bank technology, TrueLayer is enabling merchants to lower payment processing costs while providing consumers with greater value.
Francesco Simoneschi, co-founder and CEO of TrueLayer, expressed his enthusiasm about the new funding: “This funding is yet another vote of confidence in our company, our technology, and is testament to the foundational infrastructure we’ve created. Reaching this scale and position required a lot of time, capital, and commitment.
“We’ve built a unique ecosystem connecting banks, merchants, and consumers. This investment enables us to continue to challenge the status quo in payments and grow our presence in areas like e-commerce. The growth of pay-by-bank helps merchants reduce their cost of payments and puts money back in consumers’ pockets.”
“We have built a payment network that is used by millions of people every day at the same time as maturing our business model and building trusted partnerships with some of the largest merchants in the world.”
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