British fintech start-up TrueLayer raises $70 million to take on Visa and Mastercard

By Ryan Browne8 days ago

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Key Points

  • TrueLayer lets fintech apps like Revolut and Freetrade connect with customers' bank accounts using technology known as APIs.
  • The U.K. start-up, which competes with Silicon Valley firm Plaid, says it's raised $70 million to expand its services internationally.
  • So-called open banking firms are looking to undercut Visa and Mastercard by allowing fintech apps to initiate bank transfers.

Francesco Simoneschi, CEO and co-founder of U.K. fintech start-up TrueLayer.

TrueLayer

LONDON British financial technology start-up TrueLayer says it's raised $70 million in fresh funding, highlighting continued appetite from investors for fast-growing fintech firms.

TrueLayer lets fintech apps like Revolut and Freetrade connect with customers' bank accounts using technology known as APIs, or application programming interfaces. This means users of those apps can then make payments from their bank or view balances and transactions from different accounts.

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