UK fintech TrueLayer has raised US$70 million in Series D funding led by Addition, the venture capital firm founded by former Tiger Global partner Lee Fixel. Existing investors such as Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek Holdings from Singapore also invested. The funds will be used to expand its services internationally and expand its presence in Europe first before attempting a rollout in Australia.
With TrueLayer, fintech apps like Revolut and Freetrade can be connected to customers’ bank accounts using technologies known as APIs or application programming interfaces. This means that users of these apps can then make payments from their bank or view balances and transactions from different accounts.
Francesco Simoneschi, CEO and co-founder of TrueLayer, said that due to strong growth in 2020, the company decided to raise more money, helped not least by the coronavirus pandemic and the shift of consumers to digital management methods their finances.