UK open banking platform TrueLayer has secured $25m in a Series C funding round, bringing the total raised by the company to date to $72m.

The round included participation from existing investors, including Anthemis, Connect Ventures, Northzone and Temasek.

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The company, founded in 2016, became one of the first UK companies to be authorised and registerd as a payment institution by the Financial Conduct Authority (FCA) to provide account information and payment initiation services under Open Banking and PSD2.

Today, it accounts for more than half of all Open Banking traffic in the UK.

Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Our vision when we founded TrueLayer, where Open Banking is the default pipe to move money, instantly and safely, is becoming reality. This raise will help us on that journey to open up financial infrastructure, and enable access in new geographies and across new industries.”

Driving European expansion

The funding round comes after TrueLayer expanded its services, earlier this year, to France, Italy, and Spain. In addition, the company has partnered with companies included Revolut, Nutmeg, and Freetrade to deliver open banking capabilities to customers across Europe.

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Simoneschi added: “It is an exciting time as TrueLayer continues to grow. We’re expanding our engineering, design and commercial talent, and gaining new clients in banking, wealth management, trading and iGaming.

“However, there’s still much more to achieve to ensure payments are fast, secure and cost effective for everyone, everywhere. With the interest we are seeing in our platform outside of traditional financial services, TrueLayer can become a driving force that supports any organisation to foster financial innovation, and introduce services that remove barriers to inclusion and reduce friction for customers.

“We are delighted and incredibly proud to team up again with such high profile global organisations and investors. It is critical for us to have partners that are aligned with our long term strategy. A big thank you goes to our incredible team and to our valued customers.”