UK-based open banking platform TrueLayer has achieved unicorn status after raising $130m in a new funding round.
The company received the latest investment from Tiger Global and payments technology provider Stripe. Currently, TrueLayer values more than $1bn.
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In a blog post, TrueLayer co-founder and CEO Francesco Simoneschi said: “This new funding will allow us to bring open banking payments to new businesses, supercharging mainstream adoption through industries like ecommerce and subscriptions.
“So that every consumer will know the ease of paying straight from their bank account. Instant payments. No cards. No registration. No hassle.
“And more and more businesses will realise the benefits of better conversion, less fraud and more revenue.”
Founded in 2016, TrueLayer helps enterprises and fintech firms to develop financial applications.
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By GlobalDataThe company raised $70m in the last funding round in April this year. This Series D investment round was led by a new investor Addition.
This year, TrueLayer is said to have recorded 400% growth in monthly volume and 800% growth in monthly value. The company has also expanded its footprint in Europe to 14 countries and doubled its customer base.
According to a Reuters report, TrueLayer plans to launch its services in Australia in the following months. However, it has no plans to enter the US market immediately.
