Company: TrueLayer
Founder(s): Francesco Simoneschi and Luca Martinetti
Website: https://truelayer.com/
Description: Provides a platform to build financial apps that connect to bank data, verify accounts, and access transactions in real-time.
About TrueLayer
TrueLayer, founded in 2016, offers an infrastructure to build financial apps that connect to bank data, verify accounts, and access transactions in real time, essentially putting fintech at people’s fingertips. Clients include Revolut, Portify and Sync to name a few.
TrueLayer enables companies to capitalise on new Open Banking initiatives in the UK, and the broader, European wide PSD2 rules by providing secure, clear and simple access to banking infrastructure. It was the first company in Europe to offer an API which enables Payment Initiation (PI).
In 2020, TrueLayer recorded an eight fold increase in consumers using Payment Initiation (PI) to pay for goods and services online, a strong indication of a growing acceptance of PI beyond the more technologically progressive users at digital banks. TrueLayer is now estimated to account for more than half of the PI market in the UK.
In July 2020, TrueLayer partnered with Revolut to allow Revolut’s 400,000 customers in Italy to connect their bank accounts to Revolut, meaning all information could be viewed on a single app. More recently, the company launched its own payment method, PayDirect, last month.
