In the latest funding round, London-based fintech startup TrueLayer raised $130 million from investment firm Tiger Global Management and payments technology provider Stripe, which valued the firm at over $1 billion, the company said on September 21.
After raising $70 million in April, the firm has seen a 400% growth in monthly remunerations volume so far this year, as it expanded across Europe and doubled its consumer base.
Established in 2016, TrueLayer is one among several startups seeking to take advantage of the European Union and the UK open banking rules which compel lenders to open up their data to other firms so that they can tailor ideal products for their clients.
Francesco Simoneschi, the Chief Executive Officer of TrueLayer, said in an interview that the company operates in 14 European countries and would introduce its services in Australia in the coming months.
In addition to counting Freetrade, Revolut, and Cazoo among its customers, TrueLayer also accounts for more than 50% of all open banking traffic in the UK, Ireland, and Spain.
Although various fintech firms look towards the United States as a source of growth, TrueLayer has no immediate intentions to enter that market. Simoneschi said:
“I think the U.S. poses a different set of challenges that we certainly want to tackle at some point.”