Spanish brokerage platform launches open banking payments with Truelayer

Financial API provider TrueLayer has partnered with yet another fintech, this time Spanish investing platform HeyTrade.

The partnership will see HeyTrade’s customers use TrueLayer’s open banking infrastructure to top up their accounts instantly using the fintechs Payments Initiation Service.

HeyTrade’s customers will be able to seamlessly deposit funds in their accounts, helping them to not miss out on investment opportunities because the money didn’t arrive in time.

“As an increasing number of Spanish retail customers look for ways to invest, they have high expectations for how these platforms should work. Providers that don’t offer instant deposits are missing out on an opportunity to develop a deeper and more positive relationship with their customers,” commented Francesco Simoneschi, CEO and co-founder of TrueLayer.

“That is why we’re proud to be working with HeyTrade to bring a new investor experience to the Spanish market, supporting its customers by offering faster, more secure transfers. This also marks another milestone for us as we continue to expand in Europe and we look forward to supporting HeyTrade on its growth journey.”

Research from YouGov and TrueLayer found that payments directly influence Spanish investor satisfaction, with a quarter of investors saying they’ve missed out on trades because their money took too long to appear in their accounts.

“HeyTrade aims to facilitate investment through technology and there is no one better than TrueLayer to help us achieve this goal,” added Ramiro Martínez-Pardo, CEO and co-founder of HeyTrade.

“Thanks to this alliance, HeyTrade will be able to offer investors all the facilities of real open banking. Our users will be able to open an account in under five minutes and start trading right away.”

Less than a year old, HeyTrade gives Spanish retail investors access to more than 700 US, European and UK stocks and exchange-traded funds (ETFs).

The news comes just over six weeks after TrueLayer announced a $70m funding round, which it said it would use to further its global expansion plans.

As well as its most recent collaboration, TrueLayer has been on a partnership spree as of late.

The open banking fintech has teamed up with micro-investment platform Wombat Invest just last week to enable instant open banking deposits for its customers and, more recently, digital pension provider Penfold.