Temasek-backed fintech startup TrueLayer raises US$25m

London-based fintech startup, TrueLayer has raised US$25 million from investors including Temasek, Anthemis, Connect Ventures and Northzone, the company said earlier in the week.

The firm, which develops technology that enables financial technology companies to access account data from high street banks, said it will use the funding to continue to grow its business.

Founded in 2016, TrueLayer is one of several startups seeking to take advantage of European Union and UK open banking rules which require lenders to open up their data to other companies so they can tailor products to their customers.

“The company is growing,” said Francesco Simoneschi, TrueLayer’s chief executive and co-founder. “We wanted to continue to increase our headcount and invest in international expansion.”

TrueLayer says its platform makes it quicker and easier for developers to connect to bank systems and build software.

With clients including startups Revolut, Nutmeg and Freetrade, the company says it accounts for more than half of all open banking traffic in the UK.

This year TrueLayer started offering its services in France, Italy and Spain bringing the total raised by the company to date to US$72 million.