Startups > TrueLayer

TrueLayer

TrueLayer enables businesses to accept bank-powered payments and access financial data via open banking APIs.

Series E $322M total Founded 2016 United Kingdom

TrueLayer is an open banking platform that enables businesses to initiate payments directly from customer bank accounts and access financial data securely via APIs. The platform powers "Pay by Bank" payments, instant payouts, and identity verification across European markets, connecting to over 98% of UK bank accounts through a single integration. It serves fintech companies, payment platforms, and financial apps seeking frictionless payment experiences and real-time bank data access without traditional card payment infrastructure.

Problem solved

Businesses need faster, cheaper payment methods and direct access to customer financial data without relying on card networks, which charge high fees and create friction in user experiences.

Target customer

Fintech companies, payment platforms, neobanks, and financial service providers seeking to offer bank-direct payments and customer financial data access across European markets.

Website LinkedIn Crunchbase

Founders

Francesco Simoneschi

CEO & Co-Founder

Founded Mission and Market venture fund (2014), previously founded DomainsBot (acquired by United Internet) and Staq Inc.; studied Computer Engineering at La Sapienza and Information Management at LSE.

Luca Martinetti

CTO & Co-Founder

Angel investor in 4 startups and board member of 1 company; no additional background details available.

Funding history

Series A Unknown March 2017 Led by Anthemis Group · Unknown

Series B Unknown July 2018 Led by Northzone · Unknown

Series C $35M June 2019 Led by Unknown · Tencent, Temasek, Visa

Series D $70M April 2021 Led by Unknown · Unknown

Series E $130M September 2021 Led by Unknown · Tiger Global Management, Stripe

Series E Extension $50M October 2024 Led by Northzone · Tencent, Tiger Global, Temasek, Stripe

Total raised: $322M

Industries

Developer APIs FinTech

Pricing

Tiered model with Development Tier (free, testing only), Scale Tier (monthly fee + per-use charges), and Enterprise Tier (custom pricing). Claims up to 50% lower fees than traditional card payments. Contact sales for exact pricing.

Notable customers

Revolut, Zopa, Coinbase, Robinhood, Topps Tiles, William Hill, OpenPayd, Jaja Finance

Integrations

Stripe (investor and partner), major European banking networks, payment platforms

Website

truelayer.com/

Competitors

Stripe

Broader payments infrastructure platform; Stripe is also an investor in TrueLayer, indicating complementary positioning rather than direct competition.

Plaid

Focuses primarily on financial data connectivity; TrueLayer combines payments initiation with data access and identity verification.

Wise (TransferWise)

Specializes in international money transfers; TrueLayer targets broader payment initiation and data access use cases.

Yapstone

Payment processing platform with less emphasis on open banking and bank-direct payment initiation.

Why this matters: TrueLayer reached unicorn status by 2021 and raised $322M, making it Europe's leading open banking platform. With backing from Stripe, Tencent, Tiger Global, and Temasek, it represents the shift toward bank-direct payments as a card payment alternative, capturing the open banking opportunity in regulated European markets.

Best for: Fintech companies, neobanks, and digital payment platforms that need to offer frictionless bank-direct payments and access customer financial data across European markets.

Use cases

Pay by Bank Checkout

E-commerce and fintech platforms can offer customers a "Pay by Bank" option at checkout, allowing direct bank account payments without card details. This reduces payment friction and abandonment rates while lowering transaction costs compared to card payments.

Instant Business Payouts

Marketplaces and gig platforms use TrueLayer to send instant bank-to-bank payouts to sellers and contractors across European markets in seconds, replacing slower traditional ACH or wire transfer methods.

KYC and Identity Verification

Financial services providers leverage TrueLayer's access to bank account data to verify customer identity and validate ownership without manual documentation, speeding up onboarding for investment apps and lending platforms.

Open Banking Data Access

Loan platforms and financial management apps connect to customer bank accounts via TrueLayer to assess creditworthiness, spending patterns, and income in real-time, enabling faster lending decisions.

Alternatives

Plaid Plaid excels at financial data connectivity and account linking; choose Plaid if data access is your primary need over payment initiation.

Yodlee Yodlee provides broader financial data aggregation across global markets; better for companies needing multi-country data coverage beyond Europe.

Open Banking APIs (Direct) Building direct connections to individual banks; choose this if you have high volume in specific markets, but TrueLayer's aggregator approach is faster to market.

FAQ

What does TrueLayer do? +

TrueLayer is an open banking platform that enables businesses to initiate payments directly from customer bank accounts and access financial data via APIs. It provides payment initiation (Pay by Bank), instant payouts across European markets, identity verification, and financial data access through a single integration connecting to over 98% of UK bank accounts.

How much does TrueLayer cost? +

TrueLayer offers three pricing tiers: Development (free for testing), Scale (monthly fee + per-transaction charges), and Enterprise (custom pricing). The platform claims 50% lower fees than card payments. Contact their sales team for specific pricing based on transaction volume and features needed.

What are alternatives to TrueLayer? +

Key alternatives include Plaid (data connectivity focus), Yodlee (global data aggregation), and direct open banking API integrations with individual banks. Plaid is strongest for pure data access, while TrueLayer emphasizes payment initiation and faster European market coverage.

Who uses TrueLayer? +

TrueLayer serves fintech companies, neobanks, payment platforms, and financial service providers. Notable customers include Revolut, Zopa, Coinbase, Robinhood, William Hill, and OpenPayd. It targets businesses offering payments, lending, or financial management across European markets.

How does TrueLayer compare to Plaid? +

Both connect to bank accounts, but TrueLayer emphasizes payment initiation (Pay by Bank, payouts) while Plaid focuses on financial data connectivity. TrueLayer is stronger for European payment use cases; Plaid has broader global coverage. TrueLayer is 50% cheaper than card networks, while Plaid charges per-transaction API calls.