TrueLayer raises $70m in latest funding round

London-based fintech TrueLayer has reported raising $70 million in a Series D funding round, which it will use to accelerate the roll-out of its Open Banking network.

The latest round was led by new investor Addition, the venture capital firm founded by Lee Fixel.

Several other new investors took part in the round, including Visionaries Club, Coinbase chief product officer Surojit Chatterjee, CEO of Stedi Zack Kanter, former Google executive Daniel Graf and David Avgi, ex-CEO of SafeCharge and current CEO of UniPaaS, joining other existing TrueLayer investors.

In a blog post, Francesco Simoneschi, CEO and co-founder of TrueLayer wrote: “We’re building an Open Banking network that brings together payments, data and identity to redefine how people spend, save and transact online.”

He added: “We’ll be launching new Open Banking-based capabilities this year and we’ll continue to expand our network, adding broader and deeper connectivity across Europe and beyond.

“We believe that Open Banking is reaching maturity in several markets and the next phase is about solving bigger, more complex problems for our customers – layering value on top of the raw infrastructure. You’ll see us building more and more in this direction.”

In February this year, TrueLayer announced it had teamed up with online bank Monzo to help customers control their gambling addictions.

Matthew Parish, product manager at TrueLayer, and Albert Cabre Juan, Open Banking lead at Monzo, wrote: “The pilot means Monzo customers will be able to benefit from an extended gambling block that prevents card transactions and Open Banking powered payments to operators supported by TrueLayer.”

Written by Ellie Duncan, head of content at Open Banking Expo