FinTech startup TrueLayer has raised $3m in Series A funding to continue giving developers ‘easy’ access to bank APIs.
The round was led by the Anthemis Group and drew support from existing investor Connect Ventures.
TrueLayer will use the money to grow its team and increase its coverage of supported banks. The firm will also build out its offering as an Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in line with the revised Payment Services Directive (PSD2).
The company was co-founded by Francesco Simoneschi and Luca Martinetti, the serial entrepreneurs behind Staq, a game management platform acquired by Upsight.
“The future of bank APIs isn’t yet straightforward; TrueLayer was born with a mission to remove the barriers that exist between consumers and innovative financial products.
“PSD2 will provide a clear regulatory framework and enhanced consumer protection. But although it will help to create greater collaboration and innovation, there are still many technology challenges that the industry needs to solve.
“Frictionless user experience and security are paramount going forward,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.
TrueLayer is available in the UK and will expand into other EU countries next year.
Yann Ranchere, partner at Anthemis Group, commented on his firm’s decision to lead the investment round: “We are excited to support the TrueLayer team in their ambition to bring developer-driven solutions to the emerging banking API ecosystem. Europe is at the forefront of new regulation driving access to banking infrastructure and will be home to a growing number of startups and corporations looking to build on top of this API layer.
“We believe TrueLayeris uniquely positioned to provide the best secure, reliable and scalable technical platform and consumer-driven privacy frameworks for the industry. We look forward to supporting TrueLayer in building the leading European API platform for fintech developers.”
Pietro Bezza, managing partner at Connect Ventures, an investor in TrueLayer’s $1.3m Seed, which closed in February, praised the firm’s progress to date, adding: “Banking services are long overdue a shakeup and the first step is empowering FinTech applications to connect with banks through a superior developer experience. TrueLayer does this and much more.”