TrueLayer Lands $50M to Power Pay-by-Bank Growth
Hey FinTech Fanatic!
TrueLayer, a leading pay-by-bank network in Europe, just secured an extra $50 million, extending its Series E to fuel its path to profitability. This funding, led by Northzone with big names like Tencent and Stripe jumping in, solidifies TrueLayer’s position as a trailblazer in digital payments.
CEO Francesco Simoneschi sees it as a big win, saying the investment validates the game-changing infrastructure TrueLayer has built. Their mission? To keep pushing the boundaries in payments, helping merchants cut costs and putting more cash back in consumers' wallets.
With a booming 200% revenue growth in 2023, TrueLayer is on fire, processing over $50 billion in payments annually. Partnering with e-commerce giants and FinTech leaders like Revolut and Coinbase, they’re redefining how we pay online.
TrueLayer’s rise proves one thing—pay-by-bank is here to stay, and they're leading the charge.
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FINTECH NEWS
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PAYMENTS NEWS
🇲🇽 Paysend launches ‘Paysend Libre’ in Mexico powered by Mastercard Move bringing financial inclusion to millions. The launch integrates Mastercard's acceptance network with Paysend's capabilities in digital remittance transfers between Latin America and the USA. Learn more
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🇬🇧 Ebury said to start London IPO investor talks. The Santander-backed firm is exploring potential investors for a London IPO, with Goldman Sachs and Bank of America advising on the process. If it moves forward, the IPO could take place in the first half of next year.
🇸🇬 FOMO Pay partners Visa to expand digital payments acceptance for Small Medium Enterprises in Singapore. Through this collaboration, FOMO Pay will integrate Visa's QR into the SGQR network, enabling cardholders to scan the QR code and pay with their Visa cards.
🇦🇪 American Express cards now accepted on Telr’s merchant network. This agreement will enable American Express Card Members to use their cards at thousands of Telr’s merchants online, growing the number of locations at which they can use their Card.
🇮🇳 Visa and CARD91 partner to streamline Forex Card issuance. This collaboration brings together Visa’s digital payments network and CARD91’s issuance platform-as-a-service solutions to improve the issuance experience for both cardholders and issuers, the companies said in a press release.
OPEN BANKING NEWS
🇦🇹 Erste Group and Salt Edge unite to bring advanced multi-banking services to the CEE region through the George banking app and the ErsteConnect API, which provides a single, secure access point for managing finances across Erste Group and other banks in the CEE region.
DIGITAL BANKING NEWS
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🇬🇧 Polish FinTech company Zen.com has announced that it has obtained an EMI license in the UK. A key factor in this achievement was the collaboration with ClearBank, which provided the necessary infrastructure and regulatory support, allowing Zen.com to expand its financial services offering to UK users.
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🇨🇳 Bank of Hangzhou partners Malaysia’s Maybank. The partnership will focus on "enhancing cross-border business and advancing digital innovation," including services like cross-border financing, Southeast Asian currency clearing, and increased interbank cooperation with China, according to a Maybank statement.
🇬🇧 Furness Building Society selects Backbase for digital banking overhaul. Through this new collaboration, Furness aims to replace its legacy channel solution with a modern “enhanced digital offering” powered by Backbase. Read more
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
🇨🇭 AMINA Bank participates with Tenity as global innovation partner. Through this partnership, AMINA will offer financial solutions and mentorship to qualified companies in Tenity's startup network, aiming to support as many suitable businesses as possible through its Startup Partnership Programme.
DONEDEAL FUNDING NEWS
🇬🇧 Accel, TCV and World Bank support Zepz’s $267 million fundraise. Zepz, the money transfer service formerly known as WorldRemit, has raised $267 million from new and existing investors to fund expansion in its core African markets and beyond.
🇬🇧 TrueLayer secures $50M funding round as it charts path toward profitability. This marks an endorsement of TrueLayer’s mission to reshape the digital payments landscape and advance pay-by-bank payments. Continue reading
M&A
🇧🇷 Experian buys Brazilian cyber security firm ClearSale in $350 million deal. "The acquisition of ClearSale extends our ID&F suite, adding transaction fraud detection to our existing strengths in account opening and account takeover fraud prevention," Experian Chief Executive Brian Cassin said. Read on
MOVERS & SHAKERS
🇮🇪 Ex-TNEX chief Bryan Carroll heads new Credit-Decisioning-as-a-Service (CDaaS) start-up SMEApprove, which targets banks, FinTechs, and lenders supporting the global SME sector. It also offers a portfolio tool, described by Carroll as “sticking a loop on a loan”, to help banks monitor loans after they’re issued.
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