Open banking company TrueLayer has added another $25m to its coffers by tapping its existing investors for another cash injection.
Investors Anthemis, Connect Ventures, Northzone and Temasek returned to offer TrueLayer their ongoing support by topping up the RegTech startup’s accounts in the Series C round.
“This investment takes the total amount we’ve raised to $72m and means we can take the next steps on our mission to enable businesses everywhere to benefit from financial technology,” said Francesco Simoneschi, CEO and founder of TrueLayer.
Essentially, TrueLayer is created to offer financial services an open banking service that is compliant with UK laws and the EU’s second Payment Service Directive (PSD2).
Having been authorised and registered by the Financial Conduct Authority to provide account information and payment initiation services, TrueLayer today boasts of accounting for more than half of all open banking traffic in the UK.
“This funding will enable us to continue building financial connectivity that’s open to everyone, powering the development of new financial services in new geographies, and giving people more control over their financial lives,” said Simoneschi.
“We believe open banking should be the default way to move money, instantly and safely. This year we’re closer to making that a reality.”
The company raised $35m in a Series B round in June 2019.
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