TrueLayer, which is responsible for about 65% of all open banking traffic in the UK, wants to leverage the Visa partnership to work with a huge network of businesses and banks to develop open banking services and applications to provide tangible benefits to customers.
TrueLayer, the London startup that’s built a developer API platform for fintechs and other adjacent companies to utilise open banking, has agreed to a strategic and commercial relationship with Visa. The partnership sees Visa also take a minority stake in TrueLayer as part of the company’s $35 million Series C funding announced in June. The round was led by Tencent and Temasek, with participation from previous investors Northzone and Anthemis, while we now know that Visa was on-board too. TrueLayer has raised $47 million to date. Francesco Simoneschi, CEO and co-founder of TrueLayer, tells me the Visa partnership will enable the fintech to work with a “huge network” of businesses and banks to help them develop open banking services and applications that will “provide tangible benefits” to customers.