TrueLayer captures $27M investment, as targets Italy expansion
TrueLayer, a UK payments fintech looking to disrupt the dominance of card payments, has captured a $27m investment round, led by an Italian state-backed investor, a first-time investor, as it looks to...
TrueLayer, a UK-based payments fintech company, has secured a $27 million investment round, with an Italian state-backed investor as the lead, as it aims to expand its presence in Italy. The investment, led by Italy's CDP Venture Capital, comes from a consortium of new and existing investors, including Stripe and Tiger Global.
TrueLayer utilizes open banking technology to facilitate online transactions, bypassing the need for card payment intermediaries like Visa and MasterCard. The fintech was founded by two Italians, Francesco Simoneschi and Luca Martinetti, in London in 2016, with the mission of creating a modern payment network for Europe.
The $27 million funding brings TrueLayer's total funding to around $350 million. The investment will be used to bolster the company's operations in Italy, where it now employs approximately 70 employees, with Milan serving as a key engineering hub. The company plans to continue hiring in Italy through 2027.
Simoneschi, TrueLayer's co-founder and CEO, expressed his gratitude to the investors, stating, "Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments."
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