Payment technology producer Stripe backed a $130m funding round for UK-based open banking technology developer TrueLayer on Monday that was led by investment firm Tiger Global Management.
Founded in 2016, TrueLayer operates an open banking platform that enables financial services companies and other businesses to provide payment verification and processing services for their customers.
The company will use the new funding to expand access to its offering and also intends to grow its engineering and product teams. The round valued it at $1bn, according to Sifted.
Francesco Simoneschi, co-founder and CEO of TrueLayer, said in a blog post: “This new funding will allow us to bring open banking payments to new businesses, supercharging mainstream adoption through industries like e-commerce and subscriptions. So that every consumer will know the ease of paying straight from their bank account.”
TrueLayer has accumulated $272m of overall funding. It raised $70m in an series D round in April this year that was led by investment firm Addition.
Mouro Capital, the venture capital firm spun off from financial services firm Santander, also took part in the round, as did Anthemis Group, Connect Ventures, Northzone, Temasek, Visionaries Club, Surojit Chatterjee, Zack Kanter, Daniel Graf and David Avgi.
The company had previously closed a $60m series C round in September 2020 that included internet group Tencent and Temasek. It came after Northzone led a $7.5m series B round in 2018 that also featured Connect Ventures and Anthemis.
Connect Ventures, Graph Ventures and various individual investors provided $1.3m of seed funding for the company in 2017 before it added $3.5m in series A funding from Anthemis and Connect Ventures later that year.