TrueLayer, which designs data and payment APIs to support PSD2 compliance, has reportedly collected $35m in a funding round.
Chinese internet technology company Tencent led the investment, according to a number of reports in the media. Other contributions come from Northzone Ventures and Anthemis Group, two of TrueLayer’s previous backers.
Capital from this round is earmarked to support its expansion across Europe.
UK-based TrueLayer builds a universal data API which lets companies access customer bank account and card data. Additionally, the company offers a payments API which enables organisations initiate a transaction directly from a customer’s bank account and receive money instantly.
The platform is designed to help banks and third parties take advantage of the PSD2 and open banking regulation. A final deadline for PSD2 is set for September 14 2019.
Its data API can be used for a client to view accounts, check balances, access transaction history, improve credit decisions, enhance credit scoring, improve KYC and AML processes, and boost account verification.
The funding round brings TrueLayer’s total equity raised to $47m. Prior to the latest fund’s injection, the startups collected $7.5m late last year from Northzone. Its proceeds were used to support the company’s growth across Europe with Germany and France being the first in its sights.
Earlier in the year, TrueLayer began offering companies the ability to become its PSD2 agents while they wait for their own RAISP or AISP license. Becoming an agent means they could offer their products to the market under TrueLayer’s license.
To be accepted, all companies will undergo due diligence and ongoing compliance monitoring programmes to ensure suitability.
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