TrueLayer partners with Spanish trading app

Open Banking platform TrueLayer has partnered with Madrid-based digital investment platform HeyTrade to deliver account-to-account payments that provide instant account funding to investors. 

Through the partnership, the new digital trading app, which launched in June 2020, will use TrueLayer’s payments API to bring digital retail trading to the Spanish market.  

HeyTrade’s customers will be able to connect their primary bank account to the trading app for instant and secure funding using payments initiation. 

Ramiro Martínez-Pardo, CEO and co-founder of HeyTrade, said that users of the app will be able to open an account in under five minutes and start trading more than 700 US, European, and UK stocks and exchange-traded funds, with additional markets and securities in the pipeline. 

“HeyTrade aims to facilitate investment through technology and there is no one better than TrueLayer to help us achieve this goal. Thanks to this alliance, HeyTrade will be able to offer investors all the facilities of real Open Banking,” he said. 

Recent research conducted by YouGov and TrueLayer found that a quarter of Spanish investors said they had “missed out” on investment opportunities “because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles”.  

The research also revealed that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more, while 88% were comfortable with using instant direct bank transfers that HeyTrade has implemented via TrueLayer to fund their investments. 

Francesco Simoneschi, CEO and co-founder of TrueLayer, added: “As an increasing number of Spanish retail customers look for ways to invest, they have high expectations for how these platforms should work.  

“Providers that don’t offer instant deposits are missing out on an opportunity to develop a deeper and more positive relationship with their customers.” 

In April 2021, TrueLayer raised $70 million in a series D funding round and said that it would be expanding its network across Europe.