TrueLayer has picked up $1.3m in funding as it launches its API platform plugging developers into banks.
Connect Ventures led the round for the London-based startup with Graph Ventures and individual angel investors also participating.
Launching in private beta mode in the UK TrueLayer offers developers the tools to access a bank’s data to develop new financial services utilising it.
This type of platform is important in the wake of the PSD2 regulation that requires banks to open up their data to third party developers.
TrueLayer aims to aggregate and normalise financial data into one platform that enables developers to ask for the consent they need to connect a customer’s bank information and transactions to an application while complying with regulation.
Company CEO Francesco Simoneschi said: “We want to enable a new ecosystem of financial services to flourish by bridging the divide between banks and developers.
“To date, financial innovation has been hindered by the industry’s reliance on legacy architecture and by the banks’ closed-door approach to technology and data.
“Although new regulations like PSD2 in Europe will help create a solution to this challenge, they don’t go far enough to drive real change.
“What is needed is true, open access, and the consistency that’s required to help developers benefit en masse. This is what TrueLayer brings to the market.”
The company last year raised a $1.3m round that Connect Ventures also led.
It will use the new capital to develop the service and expand to other European countries this year.
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