Earlier today, an update from Open Banking Limited (OBL) reported that open banking in the UK has topped 15 million users, including individuals and businesses, as of July 2025. This represents a 50% increase from the 10 million users recorded just a year prior, highlighting the growth of open banking services.
TrueLayer, a UK Fintech enabling Open Banking, says most of this growth is due to their services.
TrueLayer claims to be powering the rise of Open Banking, with one in three UK adults benefiting from these services.
TrueLayer states that
- UK payments increased by 2.4 million month-on-month with TrueLayer accounting for 1.3 million of that growth or 56% of the total.
- Variable Recurring Payments (VRPs) rose by 337,000 month-on-month, and TrueLayer delivered 330,000 of that growth or 98%.
In a blog post, TrueLayer explains that Payments are the biggest driver of Open Banking adoption, with July’s data showing that the “total value of payments has reached 29.89 million – an 8.7% growth (from 27.5 million to 29.9 million). This rapid growth demonstrates the UK’s global lead in data-enabled technology supported by strong infrastructure and rising consumer demand.”
Open Banking is mandated in the UK, where financial services recognize that users own their data and may make it accessible when they so choose. This means that account transfers and other services can be quickly accessed to the benefit of the consumer or business. There is a series of case studies on Open Banking available here to help explain the benefits of Open Banking for customers. Examples include identity verification that immediately KYCs a user, reducing fraud and friction. Another example is leveraging Open Banking to streamline credit decisions.
