Tencent and Singapore-based Temasek are providing $35 million in funding for TrueLayer, which provides software for developers to integrate their apps with banking platforms via APIs.
Northzone Ventures and Anthemis Group will also reportedly return as investors in the latest funding round, which would bring the total raised by TrueLayer to $47 million. Separate reports in The Times pegged the newest funding round at $40 million, however, citing unnamed sources. The publication added that despite TrueLayer’s plans to expand across Europe, the funding could also propel its position in Asia and Latin America, considering Tencent’s previous investments in digital banks and FinTechs. TrueLayer announced $3 million in Series A funding in 2017, which was led by Anthemis Group with participation from Connect Ventures. At the time, the company said it would deploy that investment to expand its team as it geared up to emerge from Beta.