Total amount raised
$204.8 Million
Latest funding date
9/1/2021
Location
TrueLayer has successfully raised funding through 9 rounds, with the latest being a Series E. The company is backed by 25 investors, including notable names like Mouro Capital and Tencent.
TrueLayer's platform offers a range of open banking solutions designed to modernize payment systems and reduce costs for merchants. Keep reading to explore the intricacies of TrueLayer's fundraising journey and the investors backing this innovative platform.
What Is TrueLayer?
TrueLayer, based in London, England, is a prominent player in the open banking and financial technology sectors. The company specializes in providing smarter, safer, and faster online payments by integrating real-time bank payments with financial and identity data.
Founded to revolutionize the payments industry, TrueLayer has grown to employ between 251-500 people. The company is associated with multiple industries, including Banking, Developer Tools, Financial Services, FinTech, and Payments.
How Much Funding Has TrueLayer Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial development.
- Seed Round
- Amount Raised: USD 1,300,000
- Date: February 2017
- Lead Investors: Connect Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the core technology and expand the team.
- Series A
- Amount Raised: USD 3,000,000
- Date: June 2017
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance product offerings.
- Series B
- Amount Raised: USD 7,500,000
- Date: July 2018
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve infrastructure.
- Series C
- Amount Raised: USD 35,000,000
- Date: June 2019
- Lead Investors: Temasek Holdings, Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series C
- Amount Raised: USD 25,000,000
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand services.
- Series D
- Amount Raised: USD 70,000,000
- Date: April 2021
- Lead Investors: Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and support international expansion.
- Series E
- Amount Raised: USD 130,000,000
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and drive profitability.
- Series E
- Amount Raised: USD 50,000,000
- Date: October 2024
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the pay-by-bank network and enhance market presence.
Total Amount Raised: USD 321,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- Northzone
- Details: Northzone is a venture capital firm that invests in technology companies. They have been a lead investor in multiple funding rounds for TrueLayer.
- Investment Focus Areas: Technology, FinTech, Consumer Internet, SaaS
- Notable Investments: Spotify, Klarna, Trustpilot
- Tiger Global Management
- Details: Tiger Global Management is an American investment firm focusing on public and private companies in the global Internet, software, consumer, and financial technology industries. They have participated in several funding rounds for TrueLayer.
- Investment Focus Areas: Internet, Software, Consumer, Financial Technology
- Notable Investments: Facebook, LinkedIn, Stripe
- Addition
- Details: Addition is an investment firm that focuses on technology and FinTech companies. They have been a key investor in TrueLayer's Series D round.
- Investment Focus Areas: Technology, FinTech, Consumer, Enterprise
- Notable Investments: Not specified in the provided content
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean state-owned holding company with a diverse investment portfolio. They have been involved in multiple funding rounds for TrueLayer.
- Investment Focus Areas: Financial Services, Telecommunications, Media & Technology, Transportation & Industrials, Consumer & Real Estate, Life Sciences & Agribusiness
- Notable Investments: Alibaba, Airbnb, Ant Financial
- Tencent
- Details: Tencent is a Chinese multinational conglomerate known for its investments in various internet-related services and products. They have been a significant investor in TrueLayer.
- Investment Focus Areas: Internet-related services and products, Entertainment, AI, FinTech
- Notable Investments: Tesla, Snap Inc., Epic Games
What's Next for TrueLayer?
TrueLayer stands at the cusp of significant growth, driven by the expanding eCommerce sector and deepening partnerships with major industry players. With the increasing adoption of pay-by-bank payments, the company is well-positioned to leverage this trend to reduce costs for merchants and consumers alike. Processing over $50 billion in total payments volume annually, TrueLayer's opportunities are vast and promising.
Future fundraising appears bright, as the recent successful extension of the Series E round indicates strong investor confidence. This momentum could attract further investment, enabling TrueLayer to expand its operations and market presence. However, challenges such as maintaining rapid growth, navigating regulatory changes, and facing competition from other fintech companies remain. By addressing these hurdles, TrueLayer can continue its trajectory towards becoming a dominant player in the financial technology landscape.
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