TrueLayer joins the unicorn club with Stripe as an investor

TrueLayer joins the unicorn club with Stripe as an investor

TrueLayer, the global open banking pioneer, today announced that it has closed a US$130 million fundraising round, led by new investor Tiger Global Management LLC, the New York-based technology investor, with participation from global payments technology provider Stripe.

The latest investment gives the business a post-money valuation of more than US$1 billion and brings the total capital raised to date to c.US$270 million.

The new funding will be used to grow TrueLayer’s business, offering the benefits of instant bank payments to more markets and sectors, and delivering continued product development and innovation, such as the PayDirect solution.

It will also be used to continue the firm’s geographic expansion and deepening its engineering, product and commercial teams globally.

In Australia, TrueLayer will continue to scale its presence under the local leadership of Brenton Charnley, becoming an Accredited Data Recipient and obtaining an Australian Financial Services Licence. As the Consumer Data Right comes into full force, the Australian team is working with local fintech firms to develop enhanced open banking capabilities and supporting European firms looking to launch services in Australia.

The funding round is the latest milestone for TrueLayer in 2021. It follows the launch of its PayDirect solution, Verification API, and Payouts solution, receiving its full EU authorisation from the Central Bank of Ireland and establishing its European HQ in Dublin.