UK fintech developer TrueLayer raises $3 million in the fundraising round

21 June 2017

TrueLayerTrueLayer, a UK-based fintech innovator providing access to developers to bank APIs, reported the raise of $3 million in the series A round led by Anthemis Group and joined by current investor Connect Ventures and partner Pietro Bezza. As a result of the transaction the board of TrueLayer will be joined by Yann Ranchere, a partner of Anthemis Group.

Earlier this year the fintech startup launched its private beta platform with hundreds of developers having subscribed to it so far. TrueLayer plans to use the collected funds for expanding its manpower and enlarging the list of supported banks before it moves its API to public later this year.

Helping developers get seamless access to the bank data required for them to create innovative financial applications and services, TrueLayer provides account verification, as well as know-your-customer process and transaction information for aggregating accounts, scoring credits and assessing risks.

Within the forthcoming months the startup plans to lift to the level of Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in accordance with the new Payment Services Directive (PSD2). Besides, TrueLayer has a goal to establish compliance-as-a-service option enabling developers and fintech companies to get smooth access to bank APIs subject to regulations and at lower costs.

TrueLayer was incorporated by founders Francesco Simoneschi and Luca Martinetti, and currently operates in the United Kingdom. It will be expanding into other states of the European Union during the following year.

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