London-based fintech startup TrueLayer, successfully raised $3 million during its Series A funding round, which was led by Anthemis Group, with participation from Connect Ventures. The company, which was launched in a private beta earlier this year, seeks to help developers build innovative financial services by breaking down points of friction and provide secure, clear and simple access to banking infrastructure.
“We believe in creative people, small teams and empowering them to accomplish great things. TrueLayer is a diverse and inclusive environment of product minded developers and experienced leaders. We’re always looking for passionate individuals to join our team to make a difference and shape the future of banking.”
Funds from the funding round will be used to build TrueLayer’s team and increase its support in banks. It is also planning to use some of the funds to build its Account Information Service Provider (AISP), along with Payment Initiative Service Provider (PISP) and Payment Service Directive (PSD2). Francesco Simoneschi, CEO and co-founder of TrueLayer, reportedly stated:
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.”
Partner at Anthemis Group, Yann Ranchere, then added:
“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 TrueLayer is 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.”