Orrick, Herrington & Sutcliffe LLP
10/14/2024 | Press release | Distributed by Public on 10/14/2024 15:53
Open Banking: TrueLayer Raises an Additional $50 Million in Series E Extension
TrueLayer, a global leader in open banking, has secured an additional $50 million in an extension of its $130 million Series E funding round.
Orrick advised TrueLayer.
THE COMPANY
TrueLayer processes over $50 billion in payments annually, handling 150 million transactions and a million variable recurring payment transactions each month. Its open banking network serves 10 million users in 21 European countries, integrating real-time bank payments with financial and identity data to offer online payments that are smarter, safer and faster.
"Reaching this scale and position required a lot of time, capital and commitment," said TrueLayer Co-founder and CEO Francesco Simoneschi. "We've built a unique ecosystem connecting banks, merchants, and consumers. This investment enables us to continue to challenge the status quo in payments and grow our presence in areas like e-commerce."
THE IMPACT
TrueLayer's strategic partnerships have been pivotal to its growth.
In February, OpenPayd announced it would leverage TrueLayer's open banking payment network to enhance its global payments and banking-as-a-service (BaaS) platform across the UK and Europe.
Additionally, in January, TrueLayer began offering its payments products through Worldline's payment orchestration platform, enabling merchants to access TrueLayer's Payments, Payouts and Signup+ services.
TrueLayer's revenue doubled in 2023, reflecting its expanding customer base and deepening industry partnerships. This latest investment will enable TrueLayer to continue its trajectory of growth and innovation in the payments sector.
THE TEAM
Orrick's Shawn Atkinson led the team that advised TrueLayer. The team included Stephen Tallon, John Narducci, Rachel Conder and Thomas Seward.