UK-based financial technology software developer TrueLayer has secured $35m in funding from internet group Tencent and Singaporean state-owned investment firm Temasek, the Business Times reported yesterday.
Founded in 2016, TrueLayer provides software that enables developers to build applications that can access and share customer’s bank accounts and financial data as well as initiate payments.
By leveraging the platform, companies can capitalise on the open banking initiative instituted by the UK, which allows them to securely access customer data, and comply with regulations such as the European Union’s Second Payment Services Directive (PSD2).
The funding will support TrueLayer’s continual expansion in Europe, where it has partnered banks in the UK, Germany, France, Italy and Spain. Francesco Simoneschi, the company’s co-founder and CEO, said in a statement seen by the Business Times that it is considering expanding to Asia and Australia.
TrueLayer received $7.5m in a July 2018 funding round that was led by Northzone and backed by fellow venture capital firm Connect Ventures and financial technology-focused VC fund Anthemis.
Anthemis led the company’s $3.5m series A round in 2017, investing alongside Connect Ventures. The latter had led a $1.3m seed round earlier the same year that included Graph Ventures and several private investors.