Payments Fintech TrueLayer is reporting that it has surpassed $10 billion in payments in a single month. The company says this places them on a trajectory to transfer over $100 billion in one year.
TrueLayer adds that during the first quarter, it added more than 500,000 users per month, topping 13 million users in April.
Francesco Simoneschi, CEO and co-founder of TrueLayer, claims that consumers and merchants are moving to pay by bank en masse, and they are choosing his platform.
“This isn’t just about volume. It’s about velocity. We’re building the real-time payment network for Europe and the momentum that we’re seeing proves that we’re solving a real problem for both sides of the market.”
The company’s success is said to be supported by instant payments and refunds when needed. Fraud reduction, along with low costs and performance, has boosted the firm’s growth.
TrueLayer currently operates in 21 different countries. The company says it handles more than 40% of all open banking payments in the UK and a significant market share in other countries like France, where it has 80% of the market.