TrueLayer, a leading pay-by-bank network in Europe, has secured an extra $50 million, extending its Series E to aid profitability.
This funding round was led by Northzone with big names like Tencent and Stripe jumping in. It solidifies TrueLayer’s position as a trailblazer in digital payments.
Chief Executive Officer, Francesco Simoneschi says it is a big win, as the investment validates the “game-changing infrastructure TrueLayer has built”.
According to him, their mission is to “keep pushing the boundaries in payments, helping merchants cut costs and putting more cash back in consumers’ wallets.”
With a booming 200% revenue growth in 2023, TrueLayer is on fire, processing over $50 billion in payments annually.
Partnering with e-commerce giants and FinTech leaders like Revolut and Coinbase, they’re redefining how we pay online.
TrueLayer’s rise proves one thing—pay-by-bank is here to stay, and they’re leading the charge.
Pay by bank is a single-use payment method that allows customers to pay directly from their bank account instead of a credit card.
It runs on banking infrastructure and takes advantage of open banking APIs.
