After a run of successful integrations in the UK's Open Banking market, financial API platform TrueLayer has raised $7.5 million to capitalise on opportunities in Europe as new data sharing rules come into force.
Founded in 2016, TrueLayer's data API provides an interface between financial institutions and third-party applications for the sharing of customer transaction feeds.
Since Open Banking was launched in January, TrueLayer has secured a series of major partnerships and integrations with companies including Monzo, Starling Bank, Zopa, ClearScore, Canopy, Plum, BitBond, Emma, Anorak and CreditLadder.
The firms say it also has a number of undisclosed partnerships in the pipeline with major companies in the consumer and financial space that will go live in the next 12 months.
The new funding comes previous investors NorthZone, Anthemis and Connect Ventures.
Francesco Simoneschi, co-Founder and CEO of TrueLayer, says the company will initially set up base camp in Germany and France ahead of an EU-wide roll out.
“In the coming months, we will be busy expanding to more and more countries as well as releasing a wealth of new functionalities and products to our Bank API platform," he says. "We want TrueLayer to be the key player in the creation of a secure infrastructure that underpins Open Banking and this investment is a big step forward on this journey.”